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 a The gross margin is 25% of sales b. Actual and budgeted sales data March (actual) April May June July $8,000 $20,000 $36,000 $120,000 $21,750 $150,000 $12.250 $50,000 $60,000 $72,000 $90,000 $40,000 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