The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods Current assets as of Harch 31 Cash 7,500 20,000 39,600 127,200 23,550 150,000 20,750 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: Hareh (actual ) April May June July s 50,000 66,000 71,000 $ 96,000 5 47,000 wing sale. The accounts receivable at March Sales are 60% for cash and 40% on credit. Credit sales are collected in the month f 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. d. e. One-half of a month's inventory e. One-haif of a month's inventory purchases is paid for in the month of purchase: the other haif is paid for in the following accounts payable at March 31 are the result of March purchases of inventory c. Sales are 60% for cash and 40son cred