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: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Cash 55,000 Accounts receivable 212,000 60,000 Inventory Buildings and equipment (net) 365,000 89,625 Accounts payable Common stock 500,000 102,375 Retained earnings 692,000 692,000 b. Actual sales for December and budgeted sales for the next four months are as follows: December(actual) $265,000 $400,000 January $597,000 February $312,000 March $208,000 April