12. KELITA, INC, projects sales for its first 3 months of operation as follows:

	October	November	December
Credit Sales	$100,000	$150,000	$200,000
Cash Sales	$40,000	$60,000	$50,000
Total Sales	$140,000	$210,000	$250,000

Inventory on October 1st is $40,000; This inventory had been purchased during July. Subsequent beginning inventories should be 40% of that months cost of goods sold. Goods are priced at 140% of their cost. 50% of purchases are paid for in the month of purchase; The balance is paid in the following months. It is expected that 50% of credit sales will be collected in the month following sale, 30% in the second month following the sale and the balance the third month. A 5% discount is given if payment is received in the month following sale.

What is the projected cost of goods sold for october?