Leno Corner Shoppe is a local convenience store with the following information: E: (Click the icon to view the information.) Read the requirements. Leno Corner Shoppe Sales Budget For the Months of November and December November December Cash sales 44,000 $ 55,000 176,000 220,000 Credit sales $ 220,000 $ 275,000 Total sales Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and Leno Corner Shoppe Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December November December Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases Fnter anu number in the edit field and then click henk Anemor A 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 Print Done 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 $13,000 + 10% of the next month's cost of goods sold. The September 30 inventory was $25,000. Expected monthly operating expenses include: Wages of store workers are $9,100 per month Utilities expense of $1,700 in November and $2,100 in December Property tax expense of $2,700 per month Property and liability insurance expense of $1,000 per month Depreciation expense of $4,500 per month Transaction fees, as stated above, are 1% of credit and debit card sales Print Done Leno Corner Shoppe is a local convenience store with the following information: (Click the icon to view the information.) Read the requirements. $ Leno Corner Shoppe Sales Budget For the Months of November and December November December Cash sales $ 44.000 $ 55,000 176,000 220,000 Credit sales 220,000 $ 275,000 Total sales Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December. Leno Corner Shoppe Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December November Decemder Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases III IN III TIL Gotor