Please prepare the following budgets for November and December. Please include the exact calculations set up in a table like excel. Use the following information and answer the questions below.October sales are projected to be $320,000.$Sales are projected to increased by $20\%$ in November in another $30\%$ in December and then return to October level in January$\mathrm{.}40\%$ of sales are made in cash while the remaining $60\%$ 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 than the transaction fee$)$ in the stores, bank account, Daly. The store does not accept checks. Because of the payment mechanisms, theres no risk of nonpayment or bad debits.The stores gross profit is $40\%$ of its sales revenue.For the next several months, the store wants to maintain an ending merchandise inventory equal to $$19,000$ plus $15\%$ of the next month cost of goods sold. All purchases for merchandise are made on account and paid in the month following the purchase. This September $30$ inventory is expected to be $$47,800.$Expected monthly operating expenses in details about payments include the following: Wages of store workers should be $$7300$ per month and are paid on the last day of each month.Utilities expense is expected to be $$500$ per month in September, October, and NovemberUtilities expense is expected to be $$1300$ per month during the colder months of December, January, and February.All utility bills are paid the month after incurredProperty tax is $$28,800$ per year in his paid semiannually each December in June.Property and liability insurance is $$15,600$ per year and is paid semiannually each January and JulyDepreciation expense is $$204,000$ per year, the straight line method used.Cash dividends of $$260,000$ or paid in December.Assume the cash balance on October $31$ is $$25,000.$ The company wants to maintain a cash balance of at least $$25,000$ at the end of every month.The company has arranged a line of credit with a local bank at a $7\%$ interest rate. There is no outstanding debt as of October $31.$The budget should include: $1.$Sales budget $($separate out cash and credit sales$)2.$Cost of good sold, inventory, and purchase budget$3.$Operating expense budget$4.$Budgeted income statement$5.$Cash collections budget$6.$Cash payments budget$7.$Combine cash budgetPLEASE SHOW THE CALCULATIONS ON HOW TO GET TO ANSWERS