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Exercise #1: Maryland Company has been accumulating operating data in order to prepare an annual profit plan. Details regarding Maryland's sales for the first 6 months of the coming year are as follows: Estimated Monthly Sales Type of Monthly Sales January P 600,000 Cash sales 20% February 650,000 Credit sales 80% March 700,000April 625,000 May 720,000 June 800,000 Collection Pattern for Credit Sales Month of Sale- 30% One month following sale-40% Second month following sale-25% Uncollectible-5% Maryland's cost of goods sold averages 40% of the sales value. Maryland's objective is to maintain a target inventory equal to 30% of the next month's-sales in units. Purchases of merchandise for resale are paid for in the month following the sale. The variable operating expenses (other than cost of goods sold) for Maryland are 10% of sales and are paid for in the month following the sale. The annual fixed operating expenses are presented below. All of these are incurred uniformly throughout the year and paid monthly except for insurance and property taxes. Insurance is paid quarterly in January, April, July and October. Property taxes are paid twice a year in April and October. Advertising P 720,000 Depreciation 420,000 Insurance 180,000 Property taxes 240,000 Salaries 1,080,000 Identify the following: a. The amount of cash collected in March for Maryland Company from the sales made during March will be b. Maryland Company's total cash receipts for the month of April will be C. The purchase of merchandise that Maryland Company will need to make during February will be d. The amount for cost of goods sold that will projected for the month of February will be e. The total cash disbursements for operating expenses (excluding cost of goods sold) during April will be