Perfect Gas Corporation supplies compressed gases to industry customers. Data regarding the store's operations follow: Sales are budgeted at $345,000 for November, $230,000 for December, and $320,000 for January. Collections are expected to be 60% in the month of sale, 34% in the month following the sale, and 6% uncollectible. The cost of goods sold is 70% of sales. The company desires ending merchandise inventory to equal 80% of the following month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $12,000. Monthly depreciation is $16,000. Equipment purchases of $110,000 were paid in cash in November. Dividends of $35,000 were declared and paid in December. Any borrowings must be in $1,000 increments at 7% interest. Assume interest accrues at the beginning of the month and is paid at the end of the month. The company must maintain a minimum cash balance of $5,000. Ignore income taxes. Prepare the following budgets for November and December and total for the two months in good form in excel and submit via bblearn by 5/9 at noon: a. Prepare a Schedule of Expected Cash Collections b. Prepare a Merchandise Purchases Budget c. Prepare Cash Budgets d. Prepare Budgeted Income Statements e. Prepare a Budgeted Balance Sheet Prepare a letter/memo to the companys CEO with specific recommendations regarding your budget