The following information pertains to the October operating budget for Compass Corporation. 1 2 3 Budgeted sales for October $100,000 and November $200,000. Collections for sales are 60% in the month of sale and 40% the next month. Gross margin is 30% of sales. Administrative costs are $10,000 each month. Beginning accounts receivable (October 1) $20,000. Beginning inventory (October 1) $14,000. Beginning accounts payable (October 1) $60,000. (All from inventory purchases. Purchases are paid in full the following month. Desired ending inventory is 20% of next month's cost of goods sold (COGS). No loans are outstanding on October 1 4 5 6 7 For October, budgeted cash collections are