Neller Industrial Gas Corporation supplies acetylene and other compressed gases Iollow: - Sales are budgeted at $370,000 for November, $390,000 for December, and $380,000 for January. - Coliections are expected to be 80% in the month of sale and 20% in the month following the sale. - The cost of goods sold is 74% of sales. - The company desires an ending merchandise inventory equal to 80% of the cost of goods sold in the following month. - Payment for merchandise is made in the month following the purchase. - Other monthly expenses to be paid in cash are $21,700. - Monthly depreciation is $21,500. - lanore taxes. Required: a. Prepare a Schedule of Expected Cash Collections for November and December. b. Prepare a Merchandise Purchases Budget for November and December. c. Prepare Cash Budgets for November and December. d. Prepare Budgeted lncome Statements for November and December. e. Prepare a Budgeted Batance Sheet for the end of December