PrimeTime Sportswear is a custom imprinter that began operations six months ago. Sales have exceeded management's most optimistic projections. Sales are made on account and collected as follows: 49% in the month after the sale is made and 44% in the second month after sale. Merchandise purchases and operating expenses are paid as follows: In the month during which the merchandise is purchased or the cost is incurred In the subsequent month 77% 23% PrimeTime Sportswear's income statement budget for each of the next four months, newly revised to reflect the success of the firm, follows: Sales September $ 41,600 October $ 54,300 November $ 68,200 December $ 59,000 Cost of goods sold: Beginning inventory $ 6,500 Purchases 37,400 Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit Operating expenses Operating income $ $ 29,870 $ 11,730 10,200 1,530 $ 4,670 $ 43,900 (14,030) $ 14,030 44,000 $ 58,030 (21,100) $ 36,930 $ 17,370 12,700 $ 21,100 49,200 $ 70,300 (21,930) $ 48,370 $ 19,830 14,800 $ 5,030 $ 21,930 32,600 $ 54,530 (20,090) $ 34,440 $ 24,560 15,900 $ 8,660 Return