Assume all Office Depot stores do cash budgeting every quarter. One store is planning its cash needs for the third quarter of the year, and the following information is available to assist in preparing a cash budget. Budgeted income statements for July through October are as follows: July August September October Sales..... $45,000 $52,000 $60,000 $75,000 Cost of goods sold 23,500 25,500 30,500 35,000 Gross profit..... 21,500 26,500 29,500 40,000 Less other expenses Selling.... 6,000 8,000 8,500 10,500 Administrative. 9,100 10,500 8,500 9,400 Total.... Net income. (15,100) (18,500) (17,000) (19,900) $ 6,400 $ 8,000 $12,500 $20,100