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2. (12 points) Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: - The company sells each unit for \$55. Budgeted Sales: - Collections are expected to be 70% in the month of sale, 30% in the month following the sale. - The A/R balance at September 30th will be collected in full in October. - The cost of the merchandise is \$43 per unit. - In addition to meeting the current month's sales demand, management wants to maintain and ending inventory balance of 10% of the next month's sales. - The beginning inventory balance at October 1st is 3,200 units. - Payment for merchandise is made as follows: 1/2 paid in the month of the purchase, 1/2 paid the month following the purchase. - The A/P balance at September 30 th will be paid in full in October. - A dividend was paid in October for $550,000. - Minimum cash balance is $100,000. - The company has a line of credit for $500,000 at an annual interest rate of 12%. You can borrow any amount to get to the minimum of $100,000. -Loans are taken out on first day of month borrowed and repaid at the end of the quarter with interest. Balance Sheet September 30 Required: a. Prepare a Sales Budget for October, November, December, and Quarter. b. Prepare a Schedule of Expected Cash Collections for October, November, December, and Quarter. c. Prepare a Merchandise Purchases Budget for October, November, December, and Quarter. d. Prepare a Schedule of Expected Cash Disbursements for October, November, December, and Quarter. e. Prepare Cash Budgets for October, November, December, and Quarter. Sales Budget Schedule of Expected Cash Collections Pnrchaces Rudoet Schedule of Expected Cash Disbursements Cash Budoet