1) Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data 15% regarding the store's operations follow: - Sales are budgeted at $360,000 for November, $380,000 for December, and $350,000 for January. - Collections are expected to be 75% in the month of sale, 20% in the month following the sale, and 5% uncollectible. - The cost of goods sold is 65% of sales. - The company desires an ending merchandise inventory equal to 60% 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 $21,900. - Monthly depreciation is $20,000. - Ignore taxes. 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. d. Prepare Budgeted Income Statements for November and December. e. Prepare a Budgeted Balance Sheet for the end of December