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Garden Sales, Incorporated, sells garden supplies. Management is planning Its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, Which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for AprilJuly are: ,prit 420 , ee 77, 330 , Ill,e , 159 169, ge Sales Cost of goods sold Gross margin Selling and administrative expenses; Selling expense Administrative expense* Total selling and administrat$ve expenses Net operating income Includes $28,000 of depreciation each month, b. Sales are 20% for cash and 80% on account. $ 600, 48 $ 21, 64, 8e $ 160,2 $ 56, e 392, 168, 67, 41,6 18, 6o $ 59,4 $ 460,e 322,ee 138 , e 46, e 44, ee 9, e $ 48,e c. Sales on account are collected over a three-month perlod with 10% collectedih the month Of sale; 70% collected in the first month following the month of sale; and the remaining 20% collected in the second month following the month of sale. February's sales totaled $260,000, and March's sales totaled $275,000. d. Inventory purchases are paid for within 01S days. Therefore, of a month's inventory purchases are paid for in the month of purchase. The remaining 50% is paid ip the followingnwvth. Accounts payable at March 31 for inventory purchases during March total $119,000. e. Each month's ending inventory must egeal 20% Of the;cost Of the: merchandise to be Sold in the following month. The merchandise inventory at March 31 is $84,000. f. Dividends of $35,000 will be declared arid paidin April.' g. Land costing $43,000 will be purchasedfor cash in May. h. The cash balance at March 31 is $57,000; the company must maintain a cash balance of at least $40,000 at the end of each month. i. The company has an agreement withaft)cal bank that allowsthe company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $200,000. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is.notcorppeunde