The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $ 9,400 Accounts receivable $ 27,600 Inventory $ 51,000 Building and equipment, net $ 99,600 Accounts payable $ 30,675 Common stock $ 150,000 Retained earnings $ 6,925 The gross margin is 25% of sales. Actual and budgeted sales data: March (actual) $ 69,000 April $ 85,000 May $ 90,000 June $ 115,000 July $ 66,000 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. Each months ending inventory should equal 80% of the following months budgeted cost of goods sold. One-half of a months 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