The following information pertains to Monroe Company:

Month

Sales

Purchases

January

$62,000

$33,000

February

$84,000

$42,000

March

$101,000

$61,000

Cash is collected from customers in the following manner: Month of the sale: 55%, with the remainder the month after

55% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month.

Labor costs are 45% of sales. Other operating costs are $38,000 per month (including $10,000 of depreciation). Both of these are paid in the month incurred.

The cash balance on March 1 is $8,000. 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 balance of AR in March?

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