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The following data relate to the operations of Dillinger Company, a wholesale distributor of consumer goods: a. Gross margin is 30% of sales. b. Actual and budgeted sales data: c. Sales are 70% for cash and 30% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are the result of March credit c. Sales are 70% for cash and 30% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are the result of March credit sales. d. Each month's ending inventory should equal 20% of the following month's budgeted d. cost of goods sold. e. 25% of a month's inventory purchases is paid for in the month of purchase; the remainder is paid for in the following month. The accounts payable at March 31 are a result of March purchases of inventory. f. Monthly expenses are as follows: salaries and wages, $14,500; rent, $3,800 per month; other expenses (excluding depreciation), 8\% of sales. Assume that these expenses are paid monthly. Depreciation is $3,000 per month (includes depreciation on new assets). g. Equipment costing $11,000 will be purchased for cash in April. h. The company must maintain a minimum cash balance of $5,000. An open line of credit is available at a local bank. All borrowing is done at the beginning of a month, and all repayments are made at the end of a month; borrowing must be in multiples of $1,000. The annual interest rate is 12%. Interest is paid only at the time of repayment of principal; figure interest on whole months (1/12, 2/12, and so forth). The following data relate to the operations of Dillinger Company, a wholesale distributor of consumer goods: a. Gross margin is 30% of sales. b. Actual and budgeted sales data: c. Sales are 70% for cash and 30% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are the result of March credit c. Sales are 70% for cash and 30% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are the result of March credit sales. d. Each month's ending inventory should equal 20% of the following month's budgeted d. cost of goods sold. e. 25% of a month's inventory purchases is paid for in the month of purchase; the remainder is paid for in the following month. The accounts payable at March 31 are a result of March purchases of inventory. f. Monthly expenses are as follows: salaries and wages, $14,500; rent, $3,800 per month; other expenses (excluding depreciation), 8\% of sales. Assume that these expenses are paid monthly. Depreciation is $3,000 per month (includes depreciation on new assets). g. Equipment costing $11,000 will be purchased for cash in April. h. The company must maintain a minimum cash balance of $5,000. An open line of credit is available at a local bank. All borrowing is done at the beginning of a month, and all repayments are made at the end of a month; borrowing must be in multiples of $1,000. The annual interest rate is 12%. Interest is paid only at the time of repayment of principal; figure interest on whole months (1/12, 2/12, and so forth)