Blue Spruce State sells electronic products. The controller is responsible for preparing the master budget and has accumulated the information below for the months of Januarv. Februarv. and March Balances at January 1 are expected to be as follows: Cash Accounts receivable $6,380 482.700 Inventories Accounts pavable $358,900 154,300 The budget is to be based on the following assumptions: 2. 3. 4. Each month's sales are billed on the last day of the month. Customers are allowed a 3% discount if their payment is made within 10 days after the billing date. Receivables are booked at gross. The company collects 60% of the billings within the discount period, 25% by the end of the month after the date of sale