Question 2: Completing a Master Budget (Problem 10-25, page 530) (60 marks) The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 3 $8,000 $20,000 $36,000 $120,000 $21,750 $150,000 S12,250 Cash Accounts receivable Inventory Buildings and equipment, net Accounts payable Capital stock Retained earnings a. The gross margin is 25% of sales b. Actual and budgeted sales data March (actual) April May June July $50,000 $60,000 $72,000 $90,000 $48,000