Eagles Limited needs a cash budget for the month of November. The following information is available: The cash balance on November 1 is $5,000. Sales for October and November are $80,000 and $60,000, respectively. Cash collections on sales are 30 percent in the month of sale and 68 percent in the month after the sale; 2 percent of sales are uncollectible. General expenses budgeted for November are $26,000 (depreciation represents $2,000 of this amount). Inventory purchases will total $30,000 in October and $40,000 in November. The company pays for half of its inventory purchases in the month of purchase and for the other half the month after purchase. The company will pay $4,000 in cash for office furniture in November. Sales commissions for November are budgeted at $13,000. The company maintains a minimum ending cash balance of $4,000 and can borrow from the bank in multiples of $100. All loans are repaid after 60 days.