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 79% 21% PrimeTime Sportswear's income statement budget for each of the next four months, newly revised to reflect the success of the firm, follows Sales S 41,100 $53,900 67,70059.000 Cost of goods sold: S6,050 14,060 $20,520 22170 33.200 37.900 44,100 48,900 Cost of goods available for sale $43,950 58,160 $69,420 55,370 14,060) (20,520) (22,170 (20,420 $29,890 37640 $47,25034,950 11,210 16,260 $20,450 $ 24,050 Less: Ending inventory Cost of goods sold Gross profit Operating expenses 10,000 13,100 15,700 Operating income $ 1,210 3,160 5,850$ 8,350 Cash on hand August 31 is estimated to be $40,250. Collections of August 31 accounts receivable were estimated to be $20,440 in September and $15,270 in October. Payments of August 31 accounts payable and accrued expenses in September were estimated to be $24,130