The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of Harch 31 Cash $9,100 26,400 49,200 $106,800 29,550 150,000 s 11,950 Accounts receivable Inventory Building and equipment, net Accounts payable Connon stock Retained earninga a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual April May June July 66,000 82,000 s 87,000 s112,000 s 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 haif 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) 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 agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a