Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: As of December $31($the end of the prior quarter$),$ the company$$s general ledger showed the following account balances: Debits Credits Cash $58,000$ Accounts receivable $214,400$ Inventory $60,450$ Buildings and equipment $($net$)368,000$ Accounts payable $90,525$ Common stock $500,000$ Retained earnings $110,325700,850700,850$ Actual sales for December and budgeted sales for the next four months are as follows: December$($actual$)268,000$ January $403,000$ February $600,000$ March $315,000$ April $211,000$ Sales are $20$