Formation.) - 5 budget for Novem Shoppe t rand December . December October sales were $270,000. Sales are projected to go up by 15% in November (from the October sales) and another 20% in December (from the November sales) and then return to the October level in January. 20% of sales are made in cash, while the remaining 80% are paid by Credit or debit cards. The credit card companies and banks (debit card issuers) charge a 5% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. Scannell Corner Shoppe's gross profit is 25% of its sales revenue. For the next several months, the store wants to maintain an ending merchandise inventory equal to $10,000 + 20% of the next month's cost of goods sold. The September 30 inventory was $50,500. Expected monthly operating expenses include: Wages of store workers are $9,300 per month Utilities expense of $1,600 in November and $2,300 in December Property tax expense of $1,900 per month Property and liability insurance expense of $900 per month Depreciation expense of $8,500 per month Transaction fees, as stated above, are 5% of credit and debit card sales . goods sold, invel . . ner Shoppe ory, and Purch . . ember and De November the Read the requirements. Requirement 1. Prepare the sales budget for November and December Scannell Corner Shoppe Sales Budget For the Months of November and December November December Cash sales Credit sales Total sales Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December Scannell Corner Shoppe Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December November December "ost of goods sold Read the requirements Property and liability insuranse expense Depreciation expense Credit/Debit card fees expense Total operating expenses "equirement 4. Prepare the budgeted income statement for November and December. (Use the traditional format) Scannell Corner Shoppe Budgeted Income Statement For the Months of November and December November December s revenue Cost of goods sold profit Operating expenses ome