The following information pertains to Monroe Company:

Month Sales Purchases

January $68,000 $35,000

February $87,000 $46,000

March $106,000 $58,000

Cash is collected from customers in the following manner:

Month of sale 30%

Month following the sale 70%

45% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month.

Labor costs are 20% of sales. Other operating costs are $32,000 per month (including $8,000 of depreciation). Both of these are paid in the month incurred.

The cash balance on March 1 is $8,900. A minimum cash balance of $6,000 is required at the end of the month. Money can be borrowed in multiples of $1,000.

What is the ending cash balance for March?

Group of answer choices