The following data relate to the operations of Picanuy Corporation, a wholesale distributor of consumer goods:

Current assets as of December 31:
Cash	$	6,800
Accounts receivable	$	36,180
Inventory	$	10,388
Buildings and equipment, net	$	118,700
Accounts payable	$	32,840
Capital stock	$	100,000
Retained earnings	$	39,228

a.	The gross margin is 30% of sales. (In other words, cost of goods sold is 70% of sales.)
b.	Actual and budgeted sales data are as follows:

December (actual)	$ 60,300
January	$ 74,200
February	$ 86,400
March	$ 91,400
April	$ 55,400

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