Problem 8-29 (Algo) Completing a Master Budget (LO8-2, LO8-4, LO8-7, LO8-8, LO8-9, LO8-10] The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cashi Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings a. The gross margin is 25% of sales.. b. Actual and budgeted sales data: March (actual) April May June July $ 69,000 $ 85,000 $ 90,000 $115,000 $ 66,000 $ 9,400 $ 27,608 $51,000 $ 99,600 $ 30,675 $ 150,000 $ 6,925 c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory. 1. Monthly expenses are as follows: commissions. 12% of sales: rent. $4,200 per month: other expenses (excluding depreciation). 6%