Merchandising is located in a small town in Cebu ce. Data regarding the stores operations follow: - Sales are budgeted at P260,000 for November, P230,000 for December, and P210,000 for January. - Collections are expected to be 55% in the month of sale, 40% in the month following the sale, and 5% uncollectible. - The cost of goods sold is 80% of sales. - The company purchases 50% of its merchandise in the month prior to the month of sale and 50% in the month of sale. Payment for merchandise is made in the month following the purchase. - Other monthly expenses to be paid in cash are P21,700. - Monthly depreciation is P17,000 - Ignore taxes. - Additional data as of October 31, 2020 is as follows \begin{tabular}{|c|r|} \hline Assets & \\ \hline Cash & P28,000 \\ \hline Accounts Receivable (net of allowance) & 78,000 \\ \hline Inventory & 104,000 \\ \hline Equipment (net of 640,000, depreciation) & 1,132,000 \\ \hline Liabilities and Equity & \\ \hline Accounts Payable & 8200,000 \\ \hline Common Stock & 342,000 \\ \hline \end{tabular} epare the following Operating and Financial budget and the cessary supporting schedule: 1. Cash Collection - November and December 2. Cash Payments - November and December 3. Ending Inventory Budget - November and December 4. Income Statement Budget - November and December 5. Cash Budget - November and December 6. Budgeted Balance Sheet - December