Rex Fashions Inc., manufactures and sells formal coats. It is ready to begin its fourth quarter, in which they have their highest sales. The company has approached the Bank for a 90-day loan of $24,000. The Bank has asked the corporation to submit a cash budget for the 90 days period.

The following data has provided to you:

1. At the beginning of the fourth quarter the cash balance will be $22,000
2. Sales figures is given below

Month	Total Cash collection from Sales
October 2019	$67,000
November 2019	$84,000
December 2019	$104,000

3. Budgeted raw materials purchase and expenses is given below

	October	November	December
Materials Purchase	64,000	60,000	58,000
Salary Expense	18,000	18,000	18,000
Utilities Expense	1,800	1,600	1,900
Depreciation Expense	3,500	3,500	3,000
Rent Expense	3,500	3,500	3,500

4. Rent is always paid in the following month.
5. Rent due for the month of September to be paid in October is 3,000 $
6. The company paid a dividend of $1,800 in December
7. They bought a computer for $3,200 and paid in cash in October
8. In preparing the cash budget, assume that the $24,000 loan will be taken in the beginning of October and repaid in December with interest of $240.

Required:

1. Prepare a schedule of cash collections for the fourth quarter.