Penny Saver Store is a local discount store with the following information EEB (Click the icon to view the information.) Read the requirements October sales are projected to be $340,000 Sales are projected to increase by 15% in November and another 20% 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 5% 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. Requirement 1. Prepare the sales budget for November and December Penny Saver Store Sales Budget For the Months of November and December November The store's gross profit is 25% of its sales revenue For the next several months, the store wants to maintain an ending merchandise inventory equal to $18,000 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 $43,500 December Cash sales Credit sales Total sales 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 $1,300 per month in September, October, and November Utilities expense is expected to be $1,800 per month during the colder months of December, January, and February All utility bills are paid the month after incurred. Property tax is $16,800 per year and is paid semiannually each December and June Property and liability insurance is $18,000 per year and is paid semiannually each January and July Depreciation expense is $168,000 per year, the straight-line method used Transaction fees, as stated earlier, are 5% of credit and debit card sales. Requirements Prepare the following budgets for November and December: 1. Sales budget 2. Cost of goods sold, inventory, and purchases budget 3. Operating expense budget 4. Budgeted income statement 5. Cash collections budget 6. Cash payments budget 7. Combined cash budget Cash dividends of $280,000 are to be paid in December .Assume the cash balance on October 31 is $55,000. The company wants to maintain