Discount Dollar Store is a local discount store with the following information: (Click the icon to view the information.) Read the requirements. Data table - October sales are projected to be $330,000. - Sales are projected to increase by 8% in November and another 25% in December and then return to the October level in January. - 25% of sales are made in cash while the remaining 75% are paid by credit or debit cards. The credit card companies and banks (debit card issuers) charge a 4% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. The store does not accept checks. Because of the payment mechanisms, there is no risk of non-payment or bad-debts. - The storsty gross profit is 30% of its sales revenue. - For the next several months, the store wants, to maintain an ending merchandise inventory equal to $10,000 plus 20% of the next month's cost of goods sold. All purchases for merchandise are made on account and paid in the month following the purchase. The September 30 inventory is expected to be $56,200. - Expected monthly operating expenses and details about payments include the following: - Wages of store workers should be $7,300 per month and are paid on the last day of each month. - Utilities expense is expected to be \$1,500 per month in September, October, and November. - Utilities expense is expected to be $2,100 per month during the colder months of December, January, and February. - All utility bills are paid the month after incurred. - Property tax is $20,400 per year and is paid semiannually each December and June. - Property and liability insurance is $19,200 peryear and is paid semiannually each January and July. - Depreciation expense is $168,000 per year; the straight-line method used. - Transaction fees, as stated earlier, are 4% of credit and debit card sales. - Cash dividends of $280,000 are to be paid in December. - Assume the cash balance on October 31 is $45,000. The company wants to maintain a cash balance of at least $45,000 at the end of every month. - The company has arranged a line of credit with a local bank at a 7% interest r There is no outstanding debt as of October 31. Requirements Prepare the following budgets for November and December: 1. Sales budget 2. Cost of goods sold, inventory, and purchases budget 3. Operating expense budget 4. Budgeted income statement 5. Cash collections budget 6. Cash payments budget 7. Combined cash budget Requirement 1. Prepare the sales budget for November and December. Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December. Requirement 3. Prepare the operating expense budget for November and December. Requirement 4. Prepare the budgeted income statement for November and December. Review the budgets prepared in Requirements 1,2, and 3. Requirement 5. Prepare the cash collections budget for November and December. Review the sales budget prepared in Requirement 1. Requirement 6. Prepare the cash payments budget for November and December. (If no cash payment is made, make sure to enter "or" in the app? Reviow the budgets prepared in Requirements 1,2 , and 3 . Enancing pamments) Review the cash olectiors and cash paymen's budgels prepared in Requirements 5 and 6