Wheeling Company is a merchandiser that provided a balance sheet as of September $30$ as shown below:

The company is in the process of preparing a budget for October and has assembled the following data:

Sales are budgeted at $$280,000$ for October and $$290,000$ for November. Of these sales, $35\%$ will be for cash; the remainder will be credit sales. Forty percent of a month's credit sales are collecked in the month the sales are made, and the remaining $60\%$ is collected in the following month. All of the September $30$ accounts receivable will be collected in October.

The budgeted cost of goods sold is always $45\%$ of sales and the ending merchandise inventory is always $30\%$ of the following month's cost of goods sold.

All merchandise purchases are on account. Thirty percent of all purchases are paid for in the month of purchase and $70\%$ are paid for in the following month. All of the September $30$ accounts payable to suppliers will be paid during October.

Selling and administrative expenses for October are budgeted at $$80,000,$ exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $$3,100$ for the month.