The following information was available from ABC Company's financial records. Year 2004 Sales April 86,400 May 79,200 June 72,000 July 93,600 August 79,200 Collections from customers are normally as follows: Month of sale Month following sale Second month following sale The balance is expected to be uncollectible. Purchases 50,400 57,600 43,200 64,800 72,000 70% 20% 9% The company takes full advantage of discount allowed on purchases paid for by tenth of the following month. Discount allowed 2% Other expenses are paid for during the month of expenses. The company's cash balance on August 1 was $ 26,400 a) b) c) Required: Compute the estimated total cash collections during August. Compute the estimated total cash disbursement during August. Compute the cash balance on August 31. Information pertaining to ABC Company's sales budget is as follows: October 1,800 Unit sales November 2,000 December 2,800 Unit sale price Credit card sales Cash sales 10.00 60% 40% Fees paid to credit card companies Cost of goods sold 3% 40% of net sales Note: Net sales is gross sales less fees paid to credit card companies. d) Required: Compute the budgeted sales revenue, cost of goods sold and gross margin for the month of November