Problem 8-29 Completing a Master Budget LO8-2, Lo8-4, Lo8-7, LO8-8, LO8-9, LO8-10) The following data relate to the operations of Shillow Company, a wholesale distributor of consumer goods: 0 Current asseta as of Harch 31 8,400 s 23,600 45.000 123,600 s 26,925 s 150.000 2,675 ccounta receivable Building and equipnent, mat1 Accounta payable Retained earnings &The gross margin is 25% of sales. b. Actual and budgeted sales data s 59,00 s 75,000 105,000 s 54,0D c. Soles are 60% for cash and 40% on credit. Credt sales are collected in the month foliowing sale The accounts receivable at Maren 31 are a resut of March credit sales d. Each monn's ondng nventory should equal 80% of the folowing month's budgeted cost of goods sold. e. One-haif of a month's inventory purchases is paid for in the month of purchase; the other haif is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory Monty openses are as folos commissions, 12% of sales; rent $3,200 of sales. Assume that these expenses are paid monthly. Depreciation is $927 per month includes depreciation on new assetsl monthi Other expenses (egading depreciation. 6% MacBook Ai 2 3 5