Activision Inc. is a gaming software developer. 12 % of Activision's sales are cash and collected in the same month. The remaining 88 % are on credit and collected one month after the purchase. Total payroll for Activision is $ 19.1 M per month. Cost of goods sold (packaging) is equal to 10 % of sales. Packaging materials are purchased one month ahead of sales and are paid one month after receipt. Activision started November with a cash balance of $ 10.3 M. Activision's sales from September to January are shown in the table below:

Activision Inc.
Sales Forecast ($M)
Month	Sales
September	$ 41.4

October	$ 51.5

November	$ 76.7

December	$ 101.9

January	$ 49.5

Prepare a cash budget for Activision for November and December using the following table

Sep Oct Nov Dec Jan Sales Forecast $41.4 $51.5 $76.7 $101.5 $49.5 Cash Collections Collections from last month Total Cash Inflows Purchases from Suppliers (COGS) Payments to Suppliers Payroll Expense $19.1 $19.1 $19.1 $19.1 $19.1 Total Disbursements Net Cash Flow Nov Beginning Cash Balance $10.3 Plus: Net Cash Flows Ending Cash Balance

and answer the following questions:

a. What are Activision's forecasted collections in December?

b. What are Activision's total cash outflows in November?

c. What are Activision's net cash flows in December?

d. What is Activision's cash balance at the end of December?