1. Weltin Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $390,000 for November, $370,000 for December, and $380,000 for January. Collections are expected to be 90% in the month of sale, 5% in the month following the sale, and 5% uncollectible. The cost of goods sold is 60% of sales. The company purchases 70% of its merchandise in the month prior to the month of sale and 30% in the month of sale. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $21,800. Monthly depreciation is $18,000. Ignore taxes. Statement of Financial Position October-10 Assets Cash $ 25,000.00 Accounts Receivable (net of allowance for uncollectible accounts) $ 71,000.00 Inventory $ 163,800.00 Property, plant and equipment (net of $ 504,000 accumulated depreciation) $1,088,000.00 Total assets $1,347,800.00 Liabilities and Stockholders' Equity Acounts payable $ 232,000.00 Common stock $ 700,000.00 Retained earnings $ 415,800.00 Total Liabilities and stockholders' equity $1,347,800.00 Required: c. Prepare Cash Budgets for November and December