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Mikell supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Saks arc budgeted at $360,000 for November, $380,000 for December,

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Mikell supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Saks arc budgeted at $360,000 for November, $380,000 for December, and $350,000 for January. Collections are expected to be 7594 in the month of sale and 25% in the month following the sale. The cost of goods sold is 65% of sales. The company maintains a targeted ending inventory of 60%. of the following month's cost of sales. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash arc $21,900. Monthly depreciation is $20,000. Required (20 points): a. Prepare a Schedule of Expected Cash Collections for November and December. b. Prepare a Merchandise Purchases Budget for November and December. c. Prepare a Cash Disbursement Schedule for Merchandise Purchases d. Prepare Cash Budgets for November and December

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