14 9 oints awarded Scored eBook References Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $370,000 for November, $390,000 for December, and $380,000 for January .Collections are expected to be 80% in the month of sale and 20% in the month following the sale. The cost of goods sold is 74% of sales. The company desires an ending merchandise inventory equal to 80% 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 $21,700. Monthly depreciation is $21,500. . Ignore taxes. Assets Cash Accounts receivable Merchandise inventory Balance Sheet October 31 Property, plant and equipment (net of $599,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 22,500 83,500 219,040 1,009,000 $ 1,334,040 $196,500 670,000 467,540 $ 1,334,040 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 d. Prepare Budgeted Income Statements for November and December e. Prepare a Budgeted Balance Sheet for the end of December. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare Cash Budgets for November and December Cash disbursements for merchandise Other monthly cash expenses Total cash disbursements November December 196,500 $ 285,640 21,700 21,700 218,200 307,340