Question 3 Dai Hing Bookshop Ltd. has a beginning cash balance of $44,000 on November 1. The firm has projected sales of $61,000 in October, $68,000 in November, and $74,000 in December. The cost of goods sold is equal to 60 percent of sales. Goods are purchased one month prior to the month of sale and there is no ending inventory requirement. The accounts payable period is 30 days and the accounts receivable period is 15 days. The firm has monthly cash expenses of $16,000. What is the projected ending cash balance at the end of November and December? Assume every month has 30 days