You are provided with the following information taken from Larkspur, Inc.'s March 31, 2022, balance sheet. Cash $ 12,060 Accounts receivable Inventory 23,980 37,450 Property, plant, and equipment, net of depreciation 121,200 Accounts payable 22,760 Common stock 152,100 Retained earnings 11,630 Additional information concerning Larkspur, Inc. is as follows. 1. Gross profit is 24% of sales. 2. Actual and budgeted sales data: March (actual) $47,400 April (budgeted) 73,000 Sales are both cash and credit. Cash collections expected in April are: March April $18,960 (40% of $47,400) 43,800 $62.760 (60% of $73,000) 4. Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expec