You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations a. The cash balance on December 1 will be $40,000 b. Actual sales for October and November and expected sales for December are as follows December $ 83,800 595,000 November Cash sales Sales on account $ 65,000 69,000 398,000 521,000 Sales on account are collected over a three-month period in the following ratio: 18% collected in the month of sale, 58% collected in the month following sale, and 21% collected in the second month following sale. The remaining 3% are uncollectible. Purchases of inventory will total $280,000 for December, 29% of a month's inventory purchases are paid during the month of purchase. The accounts payable emaining from November's inventory purchases total $161,000, all of which will be paid in December C. d. Selling and administrative expenses are budgeted at $429,000 for December. Of this amount, $50,000 is e. A new Web server for the Marketing Department costing $75,000 will be purchased for cash during f. The company must maintain a minimum cash balance of $19,000. An open line of credit is available for depreciation. These are paid in the period incurred. December, and dividends totalling $9,100 will be paid during the month from the company's bank to bolster the cash position, as needed