Leno Corner Shoppe is a local convenience store with the following information: (Cick the icon to view the infortation.) Read the iegurements. Data table Requirement 1. Prepare the sales budget for November and December. - October sales were $260,000. - Sales are projected to go up by 8% in November (trom the October sales) and ancther 25% in December (from the Novernber sales) and then return to the October level in January. - 25% of sales are made in cash, whese the remairing 75% are paid by credit or deb: cards. The credit card companies and banks (debit card issuers) charge a 4% transaction feo, and deposit the net amount (sales price less the transaction fee) in the sloro's bank account daly - Leno Comer Shoppe's gross profit is 30% of its sales revenue - For the nest several months, the store wants to maintan an ending merchandise For the heat sevecar monshs, the shore wants to manitan an ending merchund se inveriory equal to $16,000+20% of the next momtis cost of goods sold. The Septenter 30 inventory was $52.400 Requirement 2. Piepare the cost of goods sold, inventory, and purchases budgel for Novemiber an - Expected monthly operating expenses include. - Wages of store workers are $6.800 per month Lene Comer shoppe - Uuiees expense of $1,000 in November and 51,400 in December - Property tax expense of $2,500 per month Cost of Goods Sold, Inventory, and Purchases Budget - Property and libility insurance expense of $300 per merth - Deprociation expense of $8.000 per month - Transction fees, as stated above, are 4% of creot and debit card saies Lono Comer Shoppe is a local convenience store with the following informatian: Data table - October sales were $260,000 - Sales are projected to go up by 8% in November (from the October sales) and another 25% in December (from the November sales) and then retum to the October level in January. - 25% of sales are made in cash, while the remaining 75% are paid by crecit or debit cards. The credh card companies and banks (debl card issuers) charge a 4% transaction fee, and deposit the net amourt (sales price less the transaction fee) in the store's bank account daly. - Lono Comer Shoppe's gross proft is 30% of iss sales revenue. - For the next soveral months, the store wants to maintain an ending merchandise inventory equal to $16,000+20% of the next month's cost of goods sold. The September 30 inventory was $52,400. Requirement 4. Prepare the budgeted income statement for November and December. (Use the tr - Expected monthly operating expenses include: - Wages of store workers are $8,600 per morth Lono Corner shoppe - Uvitites expense of $1,600 in November and $1,400 in December - Praperty tax expense of $2,500 per month - Property and liabily insurance expense of $300 per mont - Depreciation expense of $8,000 per month - Transaction fees, as staned above, are 4% of credt and dobit card sales