Budgeting revenue, cost of sales, and gross margin. Madeline Franks, the owner of a small gift and souvenir shop, expects cash sales of $14,000 for October, $16,300 for November, and $21,100 for December. In addition, she expects credit card sales of $9,800 during October and $11,200 and $15,800, respectively, during November and December. Sales returns and allowances, being historically nonexistent, can be ignored. Credit card com- panies such as VISA and MasterCard charge 4% on credit card sales; thus, the net sales will be 96%. Cost of goods sold traditionally averages 40% of net sales.

REQUIRED Ms. Franks, operating under the business name Whimsy Gifts, asks you to prepare a schedule of budgeted revenue, cost of goods sold, and gross margin for each month of the last quarter.
Also, she requires you to show totals for the quarter.LO1