hi i need some on each step of this question

In September, CHI Company, a merchandising firm that sells one product, assembled the following information and estimates to prepare a budget for October. Expected sales are 44,000 units at a price of $40 per unit. The cost of merchandise purchases is expected to be $26 per unit. Selling and administrative expenses are estimated at $320,000, of which $33,000 is depreciation. The October 1 cash balance is expected to be $30,000. CHI estimates that 70% of each month's sales are collected in the month of sale and the remaining 30% is collected in the month after sale. Expected sales for September are $960,000. The company pays for 20% of its merchandise purchases during the month of purchase, and pays the remaining 80% during the month following purchase. Merchandise purchases for September are estimated to be $768,000 and the purchase cost per unit is $26. All other out-ofpocket expenses are paid for in cash. Requirement (a) CH[ plans to purchase 33,000 units of merchandise in October. Prepare a cash budget or statement of estimated cash ows for October for the company. (Leave unused cells ' blank. Use a parentheses or a minus sign for a net cash outflow.) Cash inflows: Collections from September sales V 288,000' Collections from October sales V w' 1,520,000V Cash outflows: Payments for September purchases V 614,400' Payments for October purchases V 171 ,600' Payments for Selling and administrative expenses V w' M' Net cash flow 447,000' Opening cash 30'000' Ending cash as 477,000' Requirement (b) Prepare a budgeted income statement (for external reporting purposes) for the month ended October 31 for CHI Company. (Use a parentheses or a minus sign for a net loss.) Sales V as 1,760,000V Cost of goods sold V 1,144,000' Gross margin ' $ 618,000V Selling and administrative expenses V 320,000' V Net income (loss) $ 296,000 4