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% Prime Time 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 S 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 14,360S 20,380 22,390 32,800 $ 43,050 58,060 S 69,480$55,190 (14.360 (20,380) (22390) 20,270 S 28,690 37,680 S 47,090$34,920 $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