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Budgeted cash flows and income statement In September, TEE Company, a merchandising firm that sells one product, assembled the following information and estimates to prepare a budget for October. Expected sales are 40,000 units at a price of $32 per unit. The cost of merchandise purchases is expected to be $20 per unit. Selling and administrative expenses are estimated at $350,000, of which $20,000 is depreciation. The October 1 cash balance is expected to be $40,000. TEE estimates that 70% of each month's sales is collected in the month of sale, and the remaining 30% is collected in the month after sale. Expected sales for September are $1,000,000. 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 $880,000 and the purchase cost per unit is $20. All other out-of-pocket expenses are paid for in cash. Required (a) TEE 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. $ OX Ox $ Ox 0X Cash inflows From September sales From October sales: Cash outflows For September purchases For October purchases Selling and admin Net cash flow Opening cash balance Ending cash balance 0X OX Ox 0 x $ 0 x (b) Prepare a budgeted income statement (for external reporting purposes) for the month ended October 31 for TEE Company. $ 0 x 0 x Sales Cost of goods sold Gross margin Selling and administrative expenses - Net income OX 0 X $ 0 X