Question 3 [8 marks] Pacific Inc. sells windows for residential homes. The company started on July 1, 2021. The actual sales for July and the estimated sales for the following three months are as follows: Month Sales (units) July - Actual 22,000 August - Estimated 34,000 September - Estimated 28,000 October - Estimated 24,000 Pacific sells the windows for $250 each. Cash is collected as follows: 50% in the month of sale and 45% in the month following the sale. The remainder is deemed uncollectible. The Company's policy is to have a finished goods inventory at the end of each month equal to 20% of the next month's sales. The windows are purchased from a wholesaler at a cost of $150 each. Cash disbursements for purchases are made as follows: 60% in the month of purchase, 40% in the month following the purchase. Required: a) Calculate the estimated cash collections in the months of August and September. b) Calculate the estimated number of windows to be purchased in the months of August and September. b) Calculate the total estimated cash disbursements to be made in the month of September only. c) Prepare an Income Statement for the month of September only, assuming selling and administrative expenses were $1,200,000