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: 51% in the month after the sale is made and 46% in the second month after sale. Merchandise purchases and operating expenses are paid as follow In the month during which the merchandise is purchased or the cost is incurred In the subsequent month 76% 24% PrimeTime Sportswear's income statement budget for each of the next four months, newly revised to reflect the success of the firm, follows October November December September $42,200 53,500 68,000 Sales Cost of goods sold 58,700 Beginning inventory Purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold $ 5,850 S 14,360 20,380 22,390 32,800 $ 43,050 S58,060 $ 69,480 55,190 (14.360 (20,380) (22.390) 20,270 $28,690 S37,680 $47,090 34,920 13,510 15,820 $20,910 23,780 15,900 $ 3,110 2,720 S 6,810 7,880 37,200 43,700 49,100 Gross profit Operating expenses Operating income 10,400 13,100 14,100 Cash on hand August 31 is estimated to be $39,510. Collections of August 31 accounts receivable were estimated to be $19,710 in September and $14,570 in October. Payments of August 31 accounts payable and accrued expenses in September were estimated to be $24,380 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: 51% in the month after the sale is made and 46% in the second month after sale. Merchandise purchases and operating expenses are paid as follow In the month during which the merchandise is purchased or the cost is incurred In the subsequent month 76% 24% PrimeTime Sportswear's income statement budget for each of the next four months, newly revised to reflect the success of the firm, follows October November December September $42,200 53,500 68,000 Sales Cost of goods sold 58,700 Beginning inventory Purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold $ 5,850 S 14,360 20,380 22,390 32,800 $ 43,050 S58,060 $ 69,480 55,190 (14.360 (20,380) (22.390) 20,270 $28,690 S37,680 $47,090 34,920 13,510 15,820 $20,910 23,780 15,900 $ 3,110 2,720 S 6,810 7,880 37,200 43,700 49,100 Gross profit Operating expenses Operating income 10,400 13,100 14,100 Cash on hand August 31 is estimated to be $39,510. Collections of August 31 accounts receivable were estimated to be $19,710 in September and $14,570 in October. Payments of August 31 accounts payable and accrued expenses in September were estimated to be $24,380