The following sales and purchases forecast information pertains to Palermo Corporation: Month July August September October Novemb er December Sales $13,000 16,000 18,000 23,000 22,500 28,400 Purchases $6,000 5,700 7,500 8,300 9,200 10,100 Based on past experience cash is typically collected from customers in the following manner: Collected Within 10 days Of sale so receive a cash discount 25% Collected after 10 days but in the month Of sale Collected in the month following the sale Collected in the second month following the sale Amount Of accounts that are uncollectible 5% 40% Of purchases are paid for in cash in the month Of purchase, and the balance is paid the following month. Required: a. Based on this information prepare a monthly summary Of cash collections for the 4th quarter (Oct NOV Dec.). October November December Prepare a monthly of cash disbursements for purchases for the 4th quarter (Oct, NOV., Dec.). October NOV ember December Total Total