Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April $30$ is given

below:

The company is in the process of preparing a budget for May and assembled the following data:

a$.$ Sales are budgeted at $$257,000$ for May. Of these sales, $$77,100$ will be for cash; the remainder will be credit sales. One$-$half of a

month's credit sales are collected in the month the sales are made, and the remainder are collected in the following month. All of

the April $30$ accounts receivable will be collected in May.

b$.$ Purchases of inventory are expected to total $$121,000$ during May. These purchases will all be on account. Forty percent of all

purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the April $30$ accounts payable

to suppliers will be paid during May.

c$.$ The May $31$ inventory balance is budgeted at $$31,000.$

d$.$ Selling and administrative expenses for May are budgeted at $$83,700,$ exclusive of depreciation. These expenses will be paid in

cash. Depreciation is budgeted at $$2,800$ for the month.

e$.$ The note payable on the April $30$ balance sheet will be paid during May, with $$340$ in interest. $($All of the interest relates to May.$)$

f$.$ New refrigerating equipment costing $$13,100$ will be purchased for cash during May.

g$.$ During May, the company will borrow $$22,000$ from its bank by giving a new note payable to the bank for that amount. The new

note will be due in one year.