Required Information Is a retaller. Its accountants are preparing the company's 2 ind quarter master budget. The company has the following balance sheet as of March 31. accountants have made the following estimates: 1. Sales for April, May, June, and July will be $360,000,$380,000,$370,000, and $390,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sa 3. Each month's ending inventory must equal 25% of next month's cost of goods sold. The cost of goods sold is 60% of sales. Th 60% in the month following the purchase. All of the accounts payable at March 31 are related to previous merchandise purchas 4. Monthly seling and administrative expenses are always $48,000. Each month $7,000 of this total amount is depreciation expe 5. The company will not borrow money or pay or declare dividends during the 2 nd quarter. The company will not issue any comm 1Saks for Apro, May, Kune, and Jay wu be $300000,$380,000$370,000 ond Tts0000, respectively. Gow mati is the conbuny's repeciea cash collections n the month of thm? Matwethar: 193080 tist,000 singo