Penny Saver Store is a local discount store with the following information: (Click the icon to view the information.) Data table Penny Saver Store Sales Budget For the Months of November and December Cash sales Credit sales Total sales November December Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December. Penny Saver Store Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December Cost of goods sold Plus: Desired ending inventory November December October sales are projected to be $310,000. Sales are projected to increase by 5% in November and another 25% in December 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 2% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. The store does not accept checks. Because of the payment mechanisms, there is no risk of non-payment or bad-debts. . The store's gross profit is 20% of its sales revenue. For the next several months, the store wants to maintain an ending merchandise inventory equal to $20,000 plus 10% of the next month's cost of goods sold. All purchases for merchandise are made on account and paid in the month following the purchase. The September 30 inventory is expected to be $44,800. Expected monthly operating expenses and details about payments include the following: Wages of store workers should be $7,300 per month and are paid on the last day of each month. Utilities expense is expected to be $1,100 per month in September, October, and November. Utilities expense is expected to be $1,400 per month during the colder months of December, January, and February. All utility bills are paid the month after incurred. Total inventory required Less: Beginning inventory Purchases Print Done Next