Giant Koala Stores Inc. has forecasted sales for July through October in the top row of the table. Forecasted collections from cash and credit sales as well as forecasted payments to suppliers are also shown in the table. Wages, general & administrative expenses are 28% of the current month's sales. Giant Koala starts August with a cash balance of $7.61M. What is the cash balance at the end of September?
| Sales Forecast and Cash Budget |
| Giant Koala Stores Inc. ($000,000) |
| | July | August | September | October |
| Sales Forecast | $27.000 | $27.000 | $33.000 | $32.500 |
| Cash Sales | 15.300 | 22.950 | 28.050 | 27.625 |
| Collections from last Month | | 4.050 | 4.050 | 4.950 |
| Total Cash Inflows | | 27.000 | 32.100 | 32.575 |
| Total Payments to Suppliers | | 17.940 | 21.418 | |
| Wages, General & Admin Expenses | 7.560 | 7.560 | 9.240 | |
| Total Disbursements | | 25.500 | 30.658 | |
| Net Cash Flows | | | | |
| Beginning cash balance | | $7.610 | | |
| Plus: Net Cash Flows | | | | |
| Ending cash Balance | | | | |
◦ $7.61 million
◦ $8.61 million
◦ $9.11 million
◦ $10.55 million
◦ $11.62 million
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