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 quarte a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances Cash 52,000 209,600 Accounts receivable 59,550 Inventory Buildings and equipment (net) 362,000 88,725 Accounts payable Common stock 500,000 Retained earnings 94,425 683,150 683,150 b. Actual sales for December and budgeted sales for the next four months are as follows: $262,000 December(actual) $397,000 January February $594,000 $308,000 March April $205,000