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 $ 8,500 $ 24,000 $ 45,600 $ 121,200 $ 27.100 $ 150,000 $ 22,000 a. The gross margin is 25% of sales b. Actual and budgeted sales data: March (actual) April $ 60,000 $ 76,000 $ 81,000 $ 106,000 $ 57,000 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. Fach month's ending inventory should equal RO% of the following month's bucated cost of noods sold Required 1 Required 2 Required 3 Required 4 Required 5 Complete the merchandise purchases budget and the schedule of expected cash disbursements form 04:52 Quarter Merchandise Purchases Budget April May June Budgeted cost of goods sold $ 57,000 $ 60,750 Add desired ending merchandise inventory 48,600 Total needs 105,600 Less beginning merchandise inventory 45,600 Required purchases $ 60,000 Budgeted cost of goods sold for April = $76,000 sales * 75% = $57,000. Add desired ending inventory for April = $60,750 x 80% = $48,600. Schedule of Expected Cash Disbursements-Merchandise Purchases April May June March purchases $ 27,300 April purchases 30,000 30,000 May purchases June purchases Total disbursements Quarter $ 27,300 60,000 Required 1 Required 3 >