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Blooming Products Inc. sells flower bulbs to local nurseries. Each bag of bulbs sells for $2. The company's accountant has prepared the following sales forecast

Blooming Products Inc. sells flower bulbs to local nurseries. Each bag of bulbs sells for $2. The company's accountant has prepared the following sales forecast (in bags) for the fourth quarter of 2013:

October 5,000 bags
November 9,000 bags
December 8,000 bags

Historically, the cash collection of sales has been as follows: 50 percent in the month of sale, 40 percent in the month following sale, and 10 percent in the second month following sale. Cash receipts for December are expected to be:

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