Y Co's fiscal year begins on April 1. The following is an extract from a trial balance at May 31, 2020: DR Cash $7,000 Accounts Receivable $54,400 CR Bad Debt Allowance $4.480 Inventory Merchandise $32,000 Accounts Payable Merchandise$14,000 I Data concerning company's purchase of merchandise inventory: Purchase price per unit $16 75% of any month's purchases ae payable in the month of purchase while the rest is due and paid for in the following month. At end of each month the company's policy is to have an inventory equal to 50% of the following month's unit sales. Sales Data: Selling price per unit April actual sales revenue $32 $64,000