The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods Current assets as of March 31 $ 7,00e $ 18,0ee $ 36,6ee $ 121,200 $ 21,675 $150,0ee $ 11,125 Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings a. The gross margin is 25% of sales b. Actual and budgeted sales data March (actual) April May June $ 45,00e $61,00e $66,00e $ 91,00e $ 42,000 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