Paragraph 3. Weldon Industrial Gas Corporation Data regarding the store's operations follow: supplies acetylene and other compressed gases to industry Sales are budgeted at $360,000 for November, $380,000 for December, and $350,000 for January Collections are expected to be 75% in the month of sale, 20% in the month following the sale and 5% uncollectible -The cost of goods sold is 65% of sales . The company desires an ending merchandise inventory equal to 60% 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 $21,900 Monthly depreciation is $20,000 ignore taxes Balance Sheet October 31 Assets ash Accourts receivable inet of alowance tor uncolectible accounts Meschandise inverdor Property plant and equipment inet of 5500 000 accumulated depreciation Total assets S 16.000 4.000 140 400 1 290 40 Liabilees and stockholders Eaut Accourts payable 240 000 40 000 Retanedeamings Total iabi adst Required: a. Prepare a Schedule of Expected Cash Collections for November and December b Prepare a Merchandise Purchases Budget for Novemoer and December c Prepare Cash Budgets for Novemoer and December d. Prepare Budgeted income Statements for November and December e. Prepare a Budgeted Balance Sheet for the end of December