In September, NEE Company, a merchandising firm that sells one product, assembled the following information and estimates to prepare a budget for October. Expected sales are 32,000 units at a price of $38 per unit. The cost of merchandise purchases is expected to be $24 per unit. Selling and administrative expenses are estimated at $332,000, of which $25,000 is depreciation. The October 1 cash balance is expected to be $43,000. NEE estimates that 80% of each month's sales are collected in the month of sale and the remaining 20% is collected in the month after sale. Expected sales for September are $1,100,000. The company pays for 30% of its merchandise purchases during the month of purchase, and pays the remaining 70% during the month following purchase. Merchandise purchases for September are estimated to be $880,000 and the purchase cost per unit is $24. All other out-of-pocket expenses are paid for in cash. Read the requirements. Requirement (a) NEE plans to purchase 38,000 units of merchandise in October. Prepare a cash budget or statement of estimated cash flows for October for the company. (Leave unused cells blank. Use a parentheses or a minus sign for a net cash outflow.) Cas Cas Requirements Requirements (a) NEE plans to purchase 38,000 units of merchandise in October. Prepare a cash budget or statement of estimated cash flows for October for the company. (b) Prepare a budgeted income statement (for external reporting purposes) for the month ended October 31 for NEE Company. X Next