3 The projected cash sales, sales on account, and other expenses incurred during the month for Ghastly Ghouls, Inc. are shown below: Cash Sales on Direct Direct Mfg. Sales Account Materials Labor Overhead August (actual) $1,000 $60,000 $20,130 $12,810 $7,320 September (actual) $6,000 $100,000 $35,050 $28,850 $15,200 October (actual) $12,000 $120,000 $30,340 $30,580 $12,760 November (estimated) $6,000 $82,000 $28,280 $26,360 $11,920 December (estimated) $4,000 $ 90,000 $22,900 $27,300 $10,600 Past Records show that Ghastly Ghouls collects 20% of their sales on account in the month of sale, and 75% in the month following the sale, 3% in the second month following the sale, and 2% is never collected. Required: 1) Calculate the TOTAL cash collections for the months of October, November and December by month. Show your calculations! 2) Is there a difference between sales revenue and cash collections for the quarter; if so, how much is it? 3) Prepare a forecasted cash budget for the month of NOVEMBER given the following additional information: . . . . . Beginning cash balance is $48,000. Cash receipts were calculated by you in Part 1 Direct Materials are paid in the month following purchase. Direct Labor is paid half in the month earned and half in the month following. Manufacturing Overhead costs are paid in cash during the month incurred. Selling and administration expenses are paid in the month incurred. A total of $24,300 were recorded, including $2,000 in depreciation expenses. Equipment that cost $2,400 will be purchased for cash during the month. The company is required to maintain a cash balance of $20,000. The company has a line of credit from which they can borrow any amount at any time. At the beginning of the month, they had no outstanding borrowings