The following data relate to the operations of Dillinger Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Capital stock Retained earnings $ 16,000 $ 28,800 $ 16,940 $310,000 $ 53,500 $ 57,000 $261,240 a. Gross margin is 30% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 96,000 $ 121,000 $ 145,000 $ 153,000 $ 65,000 C. Sales are 70% for cash and 30% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are the result of March credit sales. d. Each month's ending inventory should equal 20% of the following month's budgeted cost of goods sold. e. 25% of a month's inventory purchases is paid for in the month of purchase; the remainder is paid for in the following month. The accounts payable at March 31 are a result of March purchases of inventory. f. Monthly expenses are as follows: salaries and wages, $29,500; rent, $5,300 per month; other expenses (excluding depreciation), 8% of sales. Assume that these expenses are paid monthly. Depreciation is $8,000 per month (includes depreciation on new assets). g. Equipment costing $7,000 will be purchased for cash in April. h. The company must maintain a minimum cash balance of $5,000. An open line of credit is available at a local bank. All borrowing is done at the beginning of a month, and all repayments are made at the end of a month; borrowing must be in multiples of $1,000. The annual interest rate is 12%. Interest is paid only at the time of repayment of principal; figure interest on whole months (1/12, 2/12, and so forth) Required: Using the above data: 1. Complete the following schedule: Required: Using the above data: 1. Complete the following schedule: Dillinger Company Schedule of Expected Cash Collections April May June Quarter - Total Cash sales Credit sales Total collections $ 0 $ 0 $ 0 $ 0 2. Complete the following: June Quarter - Total Budgeted cost of goods sold Dillinger Company Merchandise Purchases Budget April May $ 84,7001 20,300 105,000 16,940 $ 88,060 $ 0 Total needs Required purchases $ 0 $ 0 Dillinger Company Schedule of Expected Cash Disbursements-Merchandise Purchases April May June Quarter - Total March purchases $ 53,500 $ 53,500 April purchases 22,015 6 6,0451 88,060 May purchases June purchases Total disbursements $ 75,515 $ 66,045 $ 0 $ 141,560)