Polk Corp. Polk Corp purchases and sells high-quality tile and wood flooring products Estimates for November Tile Wood Sales {square feet} 1,000,000 1,800,000 Sales price (per sq. ft.} 54 56 Costs [per sq. ft.} 53 S4 inventory - Beginning 100,000 125,000 110,000 100,000 inventory - Ending Prior Month Current Month {Oct) {Nov} Next Month Est. {Dec) Sales 515,000,000 As above $14,600,000 Purchases 9,000,000 As above 10,000,000 Wages 8: Salaries 850,000 850,000 850,000 Overheads 460,000 460,000 475,000 Selling 8: Administrative 1,250,000 1,250,000 1,250,000 Additional Information Sales Collected 80% in current month; 20% in following month Purchases 40% paid in current month; 60% in following month Wages 8: Salaries Paid in current month Overheads Paid in following month Selling 8: Admin expenses paid in current month Selling 8: Admin expenses include $125,000 depreciation Beginning cash balance (current month} is 2,000,000 a. Calculate Sales 81 Purchases Budgets for the Current Month of November b. Prepare the Cash Budget for the Current Month of November c. Prepare the Budgeted Income Statement for the Current Month of November n-u. a