Gastro Corporation supplies acetylene and other compressed gases to industry. You as a Finance Manager of the company, need to prepare the cash budget for the month of November and December. Data regarding the store's operations follow: Sales are budgeted at RM310,000 for November, RM330,000 for December and RM320,000 for January Collections are expected to be 80% in the month of sale and 20% in the month of following sale. All account receivable on October 2020 will be collected in month of November Purchase of inventory are expected to be RM238,700 for November and RM254,100 for the month of December. 85% of the purchase are paid in the month of purchase, the remainder are paid in the following month. Other monthly expenses to be paid in cash are RM20,500 every month. During November, the company will borrow RM7,595 from its bank by giving a new note payable to the bank. The new note will be due in one year. Statement of Financial Position 31 Oct 2020 Assets: RM Cash 21,300 Account Receivable 82,300 Merchandise inventory 202,895 Property, plant and Equipment 999,000 TOTAL ASSETS 1,305,495 Liabilities and Equity: Account Payable 195,300 Common Stock 540,000 Retained Earning 570,195 TOTAL LIABILITIES AND EQUITY 1,305,495