The regular pattern of collection of credit sales is 30% in the month of sale, 70% in the month following the month sale. There are no bad debts. At the beginning of April, Accounts Receivable balance was $140,000(from March credit sale): Accounts Payable balance was $150,000 and Cash balance was $65,000. The cost of goods sold (COGS) is 70% of total sales (including both credit and cash sales). The company desires to have an ending merchandise inventory equal to 60% of the next month's cost of goods sold. (Same for 1st QTR) Payment for merchandise is made half in the same month and the other half in the month following the purchase. Selling and Administrative expense are 15% of total sales and paid in cash during the same month. Other monthly expenses are $ 25,000 per month and paid in cash during the same month. No depreciation expense is incurred