Fielding Wilderness Outfitters had projected its sales for the first six months of 2008 to be as follows:
Jan. $ 50,000 April $180,000
Feb. $ 60,000 May $240,000
Mar. $100,000 June $240,000
Cost of goods sold is 60% of sales. Purchases are made and paid for two months prior to the sale. 40% of sales are collected in the month of the sale, 40% are collected in the month following the sale, and the remaining 20% in the second month following the sale. Total other cash expenses are $40,000/month. The company's cash balance as of March 1st, 2008 is projected to be $40,000, and the company wants to maintain a minimum cash balance of $15,000. Excess cash will be used to retire short-term borrowing (if any exists). Fielding has no short-term borrowing as of March 1st, 2008. Assume that the interest rate on short-term borrowing is 1% per month. What was Fielding's projected loss for March?
a. $84,000
b. $110,000
c. $184,000
d. none of the above