. The following information is collected for a merchandising company: Budgeted sales (all on credit) for September October, and November $48,000, $55,000, and $46,000, respectively. . Cash collections of sales are expected to be 75% in the month of sale and 23% in the month following the sale. . The remainder of the sales is expected to be uncollectible. . The cost of goods sold is expected to be 60% of sales. . Each month's ending inventory equals 20% of next month's cost of goods sold. . 40% of each month's merchandise purchases are paid in the current month and the remainder is paid in the following month. Monthly selling and administrative expenses that are paid in cash in the month incurred total $5,600. . Monthly depreciation expense is $3.000. Dividends of $1,000 to be declared in October and paid in November . The expected net operating income for October is: $13.400 $12.300 $15,300 O $23,300 The expected cash disbursements in October are: $30,552 $36.152 $39,152 $31.920