The Best Chocolate Company is a wholesale distributor of premium European chocolates. The company's balance sheet on March

$31$ is as follows:

The company is in the process of preparing budget data for April. A number of budget items have already been prepared, as follows:

a$.$ Sales are budgeted at $$560,000$ for April. Of these sales, $$168,000$ will be for cash; the remainder will be credit sales. One$-$half of a

month's credit sales are collected in the month the sales are made, and the remainder are collected in the following month. All of

the April $30$ receivables will be collected in April.

b$.$ Purchases of inventory are expected to total $$336,000$ during April. These purchases will all be on account. $40\%$ of all purchases

are paid for in the month of purchase; the remainder are paid in the following month. All of the March $31$ accounts payable to

suppliers will be paid during April.

c$.$ The April $30$ inventory balance is budgeted at $$112,000.$

d$.$ Operating expenses for April are budgeted at $$201,600,$ exclusive of depreciation. These expenses will be paid in cash.

Depreciation is budgeted at $$5,600$ for the month.

e$.$ The note payable on the March $31$ balance sheet will be paid during April, with $$120$ in interest. $($All of the interest relates to April.$)$

f$.$ New refrigerating equipment costing $$10,100$ will be purchased for cash during April.

g$.$ During April, the company will borrow $$56,000$ from its bank by giving a new note payable to the bank for that amount. The new