The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods Current assets as of March 31: $ 8,200 $ 22,800 $ 43,800 128,400 $ 26,175 150,000 $ 27,025 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 July $ 57,000 $ 73,000 $ 78,000 $103,000 $ 54,000 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