The following data relate to the operations of Shilow Company, a wholesale distributor of consumer Current assets as of Harch 31 Cash Accounts receivable Inventory $ 7,500 20,000 39,600 127,200 s 23,550 150,000 20,750 Building and eguipment, net Accounts payable Retained earnings a. The gross margin is 25% of sales. b. Actual and budgeted sales deta: Hareh (actual April May June July 50,000 s 66,000 71,000 96,000 47,000 March Sales are 60% for cash and 40%on credit. Credit sales are collected in the month following sale. The accounts receivable at 31 are a result of March credit sales Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. c. inventory purchases is paid for in the month of purchase; the other haif is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory c. Sales are 60% for cash and 40% on cred