South Dakota Corporation is preparing its budgets for the upcoming quarter which includes October, November, and December 20x7. t has compiled the attached information to help in this preparation REQUIRED: Using the attached format, prepare a cash budget for South Dakota Corporation for the upcoming quarter, by month and in total. Round all calculations to the nearest whole dollar. SOUTH DAKOTA CORPORATION DATA FOR PREPARING MASTER BUDGET FOR MONTHS OF OCTOBER THROUGH DECEMBER 20X7 (1) Actual sales and purchases for August and September 20X7 and estimated sales and purchases for October through December 20X7 are provided below. Sales $ Month August 20X7 September 20X7 October 20X7 November 20X7 December 20X7 750,000 $ 825,000 875,000 900,000 800,000 Purchases 500,000 600,000 550,000 625,000 575,000 (2) of the total sales provided above, 30% are made for cash and the remainder are made on credit. Credit sales are collected in the following manner: 60% in the month of sale, 25% in the month following the sale, 13% in the second month following the sale, and the remainder are considered to be uncollectible. (3) Purchases are paid for in the following manner: 70% in the month of purchase, 20% in the month following the purchase, and 10% in the second month following the purchase. (4) Variable operating expenses incurred each month are 15% of the month's sales. These expenses are paid for in the month after they are incurred. (5) Fixed operating expenses are $80,000 each month, which includes $10,000 of depreciation expense, (6) Equipment costing $35,000 will be purchased in November. Dividends of $25,000 will be paid in December The beginning cash balance on October I is expected to be $12.000