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 $48,000 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.