The following data relate to the operations of Lim Corporation, a wholesale distributor of goods: Current assets as of 31: s 6,000 36,000 9,800 110,885 32,550 100,000 30,135 Inventory shares Retained a. The gross margin is 30% of sales. b. Actual and budgeted sales data are as follows: December (actual)$60,000 70,000 80,000 85,000 55,000 February March C. Sales are 40% for cash and 60% on credit. Credit sales are collected in the month following sale. The accounts receivable at December 31 are the result of December credit sales. d. Each month's ending inventory s hould equal 20% of the following month's-budgeted cost of goods sold. rter of a month's inventory purchases is paid for in the month of purchase; the other three- quarters is paid for in the following month. The accounts payable at December 31 are the result of December purchases of inventory f. Monthly expenses are as follows: commissions, $12,000; rent, $1,800; other expenses (excluding depreciation 8% of sales. Assume that these expenses are paid monthly Depreciation is $2.400 for the quarter and includes de on new assets acquired during the quarter g Equipment will be acquired for cash: $3,000 in January and $8,000 in February would like to maintain a minimum cash bal ance of $5,000 at the end of each month. The t with a local bank that allows it to borrow up to a total loan balance of company has an $50,000. end of each month. Assume all borrowing occurs at the beginning of a month. The The interest rate on these loans is 0.5% per month, and interest payments must be made at the company will, as far as it is able, repay loans at the end of each month. 1. Using the data above, complete the following schedule