Problem 8-27 Completing a Master Budget L08-2, L08-4, L08-7, LO8-8, LO8-9, L08-10] The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: 9,300 Cash 27,200 Accounts receivable 50,400 Inventory 102,000 Building and equipment, net 30,300 Accounts payable 150,000 Capital stock Retained earnings 8,600 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: $68,000 March (actual) April $84,000 $89,000 May $114,000 June $65,000 July