Northern Gifts, Inc., is concerned about its cash position at the end of November because of the anticipated inventory buildup during that month to get ready for the holiday season. Selected information about expected November activity is presented as follows: Cash balance, November 1 $24,000 Sales $250,000 Gross profit percentage (based on sales) 45% Increase in accounts receivable during month $24,000 Increase in accounts payable during month $51,000 Increase in inventory during month $98,000 Selling expenses total $32,000 per month plus 15% of sales. Depreciation expense of $5,000 per month is included in fixed selling expenses. Prepare a worksheet (file name CASHBGT) that will allow Northern Gifts to compute its projected cash balance at the end of November. Your worksheet should include a Data Section, and it should be designed so that it could be reused any month. Review the Model-Building Problem Checklist on page 154 to ensure that your worksheet is complete. Print the worksheet when done. Check figure: Projected ending cash balance, $1,000. To test your model, use the following estimates for December: Cash balance, December 1 $1,000 Sales $270,000 Gross profit percentage (based on sales) 40% Increase in accounts receivable during month $30,000 Decrease in accounts payable during month $15,000 Decrease in inventory during month $36,000 Selling expenses total $39,000 per month plus 14% of sales. Depreciation expense of $6,000 per month is included in fixed selling expenses. Print the worksheet when done. Check figure: Projected ending cash balance, $29,200.