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 follows 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 September October November December 42,200$53,500 68,000$ 58,700 Sales Cost of goods sold: Beginning inventory Purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold $ 5,850 14,360 $ 20,380 22,390 32,800 $ 43,050 58,060$ 69.480 55,190 37,200 43,700 49,100 14,360 20,380 22,390 20,270) Gross profit Operating expenses Operating income $28,690 37,680 47,090 $ 34,920 $ 13,510 15,820 $ 20,910 $23,780 15,900 $ 3,110 2,720 6,810 $ 7,880 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