Problem 8-27 Completing a Master Budget LO8-2, LO8-4, L08-7, LO8-8, LO8-9, LO8-10] The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31 7,200 Cash 18,800 Accounts receivable 37,800 Inventory Building and equipment, net 123,600 22,425 Accounts payable Capital stock 150,000 14,975 Retained earnings a. The gross margin is 25% of sales. b. Actual and budgeted sales data: $47,000 March (actual) April $63,000 May $68,000 $93,000 June July $44,000