Leno Corner Shoppe is a local convenience store with the following information: (Click the icon to view the information.) Read the requirements. Data table Requirement 1. Prepare the sales budget for November and December. Leno Corner Shoppe Sales Budget For the Months of November and December Cash sales Credit sales Total sales November 44000 176000 220000 December 55000 220000 275000 Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December. October sales were $200,000. Sales are projected to go up by 10% in November (from the October sales) and another 25% 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 1% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. Leno Corner Shoppe's gross profit is 40% of its sales revenue. For the next several months, the store wants to maintain an ending merchandise inventory equal to $10,000 + 10% of the next month's cost of goods sold. The September 30 inventory was $22,000. Expected monthly operating expenses include: Wages of store workers are $8,400 per month . Utilities expense of $1,300 in November and $1,600 in December Property tax expense of $2,700 per month Property and liability insurance expense of $1,200 per month Leno Corner Shoppe Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December Cost of Goods cold November December 176000 D 220000 Depreciation expense of $8,000 per month Transaction fees, as stated above, are 1% of credit and debit card sales Print Done Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December Cost of goods sold Plus: Desired ending inventory Total inventory required November 176000 December 220000 Less: Beginning inventory Purchases Requirement 3. Prepare the operating expense budget for November and December. Requirement 3. Prepare the operating expense budget for November and December. Leno Corner Shoppe Operating Expenses Budget For the Months of November and December Wage expense Utilities expense Property tax expense November December Property and liability insuranse expense Depreciation expense Credit/Debit card fees expense Total operating expenses Requirement 4. Prepare the budgeted income statement for November and December. (Use the traditional format). Requirement 4. Prepare the budgeted income statement for November and December. (Use the traditional format). Leno Corner Shoppe Budgeted Income Statement For the Months of November and December Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses Net income November December