Extracted text: Traders, Inc. uses accrual accounting. Its balance sheet as of the end of the third quarter of the calendar year 2015 is shown on the following page: TRADERS, INC. Balance Sheet September 30, 2015 Assets Liabilities and Equity P 416,000 Accounts payable Capital stock Retained earnings P 1,400,000 7,200,000 3,536,000 Cash Accounts receivable, net Merchandise inventory 1,200,000 2,520,000 8,000,000 Non-current assets Total liabilities and P 12,136.000 Stockholders' equity P 12,136,000 Total assets Additional information: • Budgeted sales for October is P 4,160,000; for November, P 4,000,000 • Gross profit rate is 20% • Of the total sales, 40% is on credit which the company collects in the month following the month of sale. • Purchases in each month are composed of: 80% of the coming month's requirement 20% of the current month's requirement Purchases are paid for in the month following the month of purchase Questions: The budgeted cash collections for the month of October is Budgeted purchases during October is The budgeted gross profit for the month of October is