Westex Products is a wholesale distributor of industrial cleaning products. The company treasurer has assembled the following information to assist in preparing a detailed cash budget to support the company's loan application for short-term financing with a loc bank: a. Budgeted sales and merchandise purchases for the year 2020, as well as actual sales and purchases for the last quarter of 2019 , are as follows: b. The company normally collects 65% of a quarter's sales before the quarter ends and another 33% in the following quarter. The remainder are uncollectible. This pattern of collections is now being experienced in the 2019 fourth-quarter actual data. c. 80% of a quarter's merchandise purchases are paid for within the quarter. The remainder are paid in the following quarter. d. Operating expenses for the year 2020 are budgeted quarterly at $55,000 plus 15% of sales. Of the fixed amount, $22,000 each quarter is depreciation. e. The company will pay $11,000 in dividends each quarter. f. Equipment purchases of $82,940 will be made in the second quarter, and purchases of $52,800 will be made in the third quarter. These purchases will be for cash. g. The cash account contained $11,000 at the end of 2019 . The treasurer feels that this represents a minimum balance that must be maintained. h. Any borrowing will take place at the beginning of a quarter, and any repayments will be made at the end of a quarter at an annual interest rate of 10%. Interest is paid only when the principal is repaid. All borrowings and all repayments of the principal must be in round $1,000 amounts. Interest payments can be in any amount. (Compute interest on whole months, e.g., 1/12, 2/12.) i. At present, the company has no loans outstanding. Ending cash balance