The following sales and purchases forecast information pertains to Palermo Corporation: Month July August September October November December Sales $13,000 16,000 18,000 23,000 22,500 28,400 Purchases $6,000 5,700 7,500 8,300 9,200 10,100 Based on past experience cash is typically collected from customers in the following manner: Collected within 10 days of sale so receive a 10% cash discount 25% Collected after 10 days but in the month of sale 10% Collected in the month following the sale 40% Collected in the second month following the sale 20% Amount of accounts that are uncollectible 5% 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Required: a. Based on this information prepare a monthly summary of cash collections for the 4th quarter (Oct., Nov., Dec.). October November December Total b. Prepare a monthly of cash disbursements for purchases for the 4th quarter (Oct., Nov., Dec.). October November December Total