Project: Completing a Master BudgetThe following data relate to the operations of Aguilar Corporation, a wholesale distributor of consumer goods:Current Assets as of March $31$:Cash$5,900$Accounts Receivable$37,700$Inventory$16,116$Buildings & Equipment, net$109,140$Accounts Payable$19,720$Capital Stock$100,000$Retained Earnings$49,136$a$.$ Gross Margin percentage:$32\%$ of sales$68\%($i$.$e$.$ this percentage is COGS$)$b$.$ Actual and budgeted sales data are as follows:March $($actual$)58,000$April$79,000$May$82,000$June$77,000$July$69,000$All sales are on account. $35\%$ are collected in the month of sale while the other $65\%$ are collected in the following month.The accounts receivable at March $31$ are the result of March credit sales.d$.$ Each month's ending inventory should equal:$30\%$ of the following month's budgeted COGS.This is a merchandising business. Because of this, there is no direct materials, direct labor or MOH $($we are not making units$).$ e$\mathrm{.}50\%$ of a month's inv purchases are paid in the month of purch.i$.$ Manny would like to maintain a minimum cash balance of $$5000$ at the end of each month. The company has an$50\%$ are paid in the following month.f$.$ Monthly expenses are as follows $($paid monthly$)$:Commissions$9,800$Rent$2,000$Other expenses $($excluding depr$)10\%$ of salesDepreciation per month:$1,100($includes new assets purchased this quarter$)$g$.$ Equipment will be acquired for cash:May$8000$June$4300$h$.$ A dividend will be paid in April$1500$ Manny would like to maintain a minimum cash balance of $5000$$ at the end of each month the company had an agreement with a loacal bank that allows the company to borrow in increments of $1000$$ at the beginning of each month up to a total loan balance of $50000$ the interest rate on these loans is $16\%$ annually and for simplicity we will assume that interest is not compounded. The company would as far as it is able repay the loan plus accumlated interest at the end of the quarter. A borrowing in the last month will be repaid the following quarter with interest.