Problem 8-29 (REV) 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: $ 8.200 Current assets as of March 31 Cash Accounts receivable Inventory Building and equipment, net Accounts payable Connon stock Retained earnings $ 22,800 $ 43.800 $ 128.400 $ 26. 175 $ 150,000 $ 27,025 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April $ 57,000 $ 73.000 $ 70.000 $ 103,000 $ 54,000 July 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 Monthly expenses are as follows commissions, 12% of sales, rent, $3,000 per month other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly, Depreciation is $963 per month (includes depreciation on new assets)