Fielding Wilderness Outfitters had projected its sales for the first six months of 2008 to be as follow:
Jan. $ 50,000
Feb. $ 60,000
Mar. $ 100,000
April $ 180,000
May $ 240,000
Jun $ 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 collectd 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 above