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The following information relates to Diana's Fashions, a women's clothing retailer: Sales were budgeted at $54 000 for November and $40 000 for December. Collections are expected to be 70 per cent in the month of sale and 30 per cent in the month following the sale. The gross margin is budgeted at 30 per cent of sales. Merchandise is purchased on credit and payable in the following month. 80 per cent of the merchandise is purchased in the month prior to the month of sale, and 20 per cent is purchased in the month of sale. Depreciation on shop fixtures and fittings is budgeted at $3600 per month. on cong feoo no baeed Other monthly expenses are budgeted at $4520. edmevol Of is voinevril hetepbus The budgeted balance sheet at 31 October is: Assets: Cash $ 560 Accounts receivable 15200 Inventory 30240 Fixtures and fittings* 174000 Total assets $220000 Liabilities and owners' equity: Accounts payable $ 20 000 Owners' equity 200 000 Total liabilities and owners' equity $220 000 * Net of accumulated depreciation of $136000. MASMOO ONISUTSARUMAM A MI ONITSOOUS Required: Estimate the budgeted: tib ard fostersed at atrl'T ,usingmios lister boast 1 Cash receipts for November. 2 Profit for November. Accounts payable at 30 November. mos eds wol antisigns woled sign 4 Inventory at 30 November

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