Estimates for November Sales (square feet) Sales price (per sq. ft.) Costs (per sq. ft.) Inventory - Beginning Inventory - Ending Sales Purchases Wages & Salaries Overheads Selling & Administrative Additional Information Tile Wood 1,000,000 1,800,000 $4 $6 $3 $4 100,000 125,000 110,000 100,000 Prior Month (Oct) $15,000,000 Current Month (Nov) As above Next Month Est. (Dec) $14,600,000 9,000,000 As above 10,000,000 850,000 850,000 850,000 460,000 460,000 475,000 1,250,000 1,250,000 1,250,000 Sales-Collected 80% in current month; 20% in following month Purchases - 40% paid in current month; 60% in following month Wages & Salaries - Paid in current month Overheads- Paid in following month Selling & Admin expenses - paid in current month Selling & Admin expenses include $125,000 depreciation Beginning cash balance (current month) is 2,000,000 a. Calculate Sales & Purchases Budgets for the Current Month of November b. Prepare the Cash Budget for the Current Month of November c. Prepare the Budgeted Income Statement for the Current Month of November