The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8,000 $ 20,000 $ 36,000 $ 120,000 $ 21,750 $ 150,000 12,250 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) $ 50,000 April $ 60,000 May June July $ 72,000 $ 90,000 $ 48,000