Budgeted cash flows and income statement in September. TEE Company, a merchandising firm that sellis one product, assembled the following information and estimates to prepare a budget for October. Expected sales are 46,000 units at a price of 532 per unit. The cost of merchandise purchases is expected to be 520 per unit. Selling and administrative expenses are estimated at $350,000, of which $20,000 is depreciation, The October cash balance is expected to be $40,000 TEE estimates that 70% of each month's sales is collected in the month of sale, and the remaining 2018 is collected in the month after sale. Expected sales for September are 51,000,000 The company plays for 20% of its merchandise purchases during the month of purchase and pay the remaining Sow during the month following purchase. Merchandise purchases for September are estimated to be $880,000 and the purchase cost per unit is $20. All other out of pocket expenses are paid for in cash Required (2) TEE plans to purchase 38,000 units of merchandse in October, Prepare a cash budget or statement of estimated cash flows for October for the comparty, Cathi From September 5 From October OS 0 0 Cath outflows Foc Setembre For October Selina cathrow Opening ish balance hongchance D 0 5 thy Prepare a budgeted income statement formal reporting purposes for the month ended October 31 CTEE Company 0 Opening cash balance Ending cash balance $ (b) Prepare a budgeted income statement (for external reporting purposes) for the month ended October 31 for TEE Company 5 ooooo . S Please answer all parts of the