The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods Current assets as of March 31 $ 8,900 $ 25,600 $ 48,000 $111,600 $ 28,800 150,000 $ 15,300 Cash Accounts receivable Inventory Building and equipment, net Accounts payable Capital stock Retained earnings a. The gross margin is 25% of sales b. Actual and budgeted sales data $64,000 $80,000 $85,000 $110,000 $61,000 March (actual) ril May June July 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 sales, rent, $3,700 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $837 per month (includes depreciation on new assets) f. g. Equipment costing $2,900 will be purchased for cash in April