Max Brenner, a college student, plans to sell CD players over the internet & by mail order during the semester to help pay his expenses. He buys the players for $31 & sells them for $52. If payment by cheque accompanies the mail order (estimated to be 40% of sales), he gives 10% discount. If customers include a credit card number for either internet or mail order (estimated 30% of sales), they receive 5% discount. The remaining collections are estimated as follows: One month following 15% Two months following 6% Three months following 4% Uncollectable 5% Sales forecast are as follows: September 140 units October 240 units November 330 units December 420 units January Business terminated Max plans to pay his supplier 50% in the month of purchase, and 50% in the following month. A 6% discount is granted on payments made in the month in the month of purchase. However, Max will not be able to take any discounts on the September purchases because of cash flow constraints. All September purchases will be paid for in October. Max has 50 players on hand (purchased in August and to be paid in September), and plans to maintain enough end-of-month inventory to meet 70% of the next month’s sales. Required: Prepare schedules for monthly budgeted cash receipts (10 marks) & cash disbursements & the cash budget (5 marks). During which month will Max need to finance purchases?