The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of Mareh 31t $ 8,800 25,200 47,400 s 114,000 Cash Accounts receivable Building and equipment, net Common stock 150,000 $ 16,975 Retained earnings a. The gross margin is 25% of sales. b. Actual and budgeted sales data: Harch (actual) April May June July 63,000 s 79,000 84,000 $109,000 s 60,000 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 s ales; rent, $3,600 per month; other expenses (excluding depreciation), 6%