The following data relate to the operations of Shillow Company, a wholesale distributor of consumer goods Current assets as of March 31i $ 9,100 $ 26,400 $ 49,200 106,800 29,550 150,000 s 11,950 Cash Accounts receivable Inventory Building and equipment, net Accounts payable Cannontock Retained earninga a. The gross margin is 25% of sales. b. Actual and budgeted sales data: Harch (actual) April Hay June July 66,000 82,000 $ 87,000 $ 112,000 63,000 C. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory Monthly expenses are as follows: commissions, 12% of sales; rent, $3,900 per month; other expenses (excluding depreciation). 6% of sales. Assume that these expenses are paid monthly. Depreciation is $801 per month (includes depreciation on new assets) f. g. Equipment costing $3,100 will be purchased for cash in April. h. Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month. The company has an