The following data relate to the operations of Shiloh company a wholesale distributor of consumer goods current assets as of March $31$ cash $8400$ accounts receivable $23,600$ inventory $45,000$ building an equipment net $123,600$ accounts payable $26,925$ common stock $150,000$ retained earnings $23,675$ a gross margin is $25\%$ of sales B the actual and budgeted sales March actual $59,000$ April $70,5,000$ May $80,000$ June $105,000$ July $56,000$ see sales are $60\%$ for cash and $40\%$ on credit credit sales are collected in the following month following sale the accounts receivable at March $31$ are a result of March credit sales months ending inventory should equal $80\%$ of the following months budgeted cost of good salt $1/2$ of a month inventory purchases is made 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 F monthly expenses are as follows commissions $12\%$ of sales rent $3200$ per month other expenses excluding depreciation $6\%$ of sales assume these expenses are paid monthly depreciation is $927$ per month includes depreciation of new assets equipment costing $2400$ will be purchased for cash in April H management would like to maintain a minimum cash balance of at least $$4000$ at the end of each month the company has an agreement with a local bank allowing it to borrow an increments of $1000$ at the beginning of each month up to a total loan balance of $$20,000$ the interest rate on these loans is one $\%$ per month and for simplicity we will assume interest is not compounded the company would as far as it is able repay the loan plus the accumulated interest at the end of the quarter required proceeded number one complete the schedule of expected cash collections number to complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases complete the cash budget prepare and absorption costing income statement for the quarter ended June $30$ five