1 Simon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at RM340,000 for November, RM360,000 for December, and RM350,000 for January. Collections are expected to be 75% in the month of sale and 25% in the month following the sale. The cost of goods sold is 71% of sales. The company desires an ending merchandise inventory equal to 75% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are RM21,400. Monthly depreciation is RM21,200. Ignore taxes. Assets Balance Sheet October 31 Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of RM596,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings RM 22,200 83,200 181,050 1,006,000 RM 1,292,450 RM 196,200 640,000 456,250 RM 1,292,450 Total liabilities and stockholders' equity Required: a. Prepare a Schedule of Expected Cash Collections for November and December. b. Prepare a Merchandise Purchases Budget for November and December. c. Prepare Cash Budgets for November and December