To prepare a master budget for January, February, and March of 2012, management gathers the following information.;a. Simid Sports? single product is purchased for $30 per unit and resold for $55 per unit. The expected inventory level of 4,750 units on December 31, 2011, is more than management?s desired level for 2012, which is 20% of the next month?s expected sales (in units). Expected sales are: January, 6,750 units, February, 9,000 units, March, 11,000 units, and April, 10,500 units.;b. Cash sales and credit sales represent 20% and 80%, respectively, of total sales. Of the credit sales, 57% is collected in the first month after the month of sale and 43% in the second month after the month of sale. For the December 31, 2011, accounts receivable balance, $125,000 is collected in January and the remaining $395,000 is collected in February.;c. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, 2011, accounts payable balance, $85,000 is paid in January and the remaining $285,000 is paid in February.;d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $60,000 per year.;e. General and administrative salaries are $156,000 per year. Maintenance expense equals $2,100 per month and is paid in cash.;f. Equipment reported in the December 31, 2011, balance sheet was purchased in January 2011. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $36,000, February, $96,000, and March, $28,500. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full month?s depreciation is taken for the month in which equipment is purchased.;g. The company plans to acquire land at the end of March at a cost of $170,000, which will be paid with cash on the last day of the month.;h. Simid Sports has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid at each month-end based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The company has agreed to maintain a minimum ending cash balance of $4,760 in each month.;i. The income tax rate for the company is 43%. Income taxes on the first quarter?s income will not be paid until April 15.

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