PLEASE provide calculations for each spot. Thank you very much.

X P9-64A (similar to) Save A Lot Store is a local discount store with the following information: (Click the icon to view the information.) Read the requirements. i Data Table October sales are projected to be $390,000 Sales are projected to increase by 10% 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 1% 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 40% of its sales revenue. For the next several months, the store wants to maintain an ending merchandise inventory equal to $10,000 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 $33,400. Expected monthly operating expenses and details about payments include the following: Wages of store workers should be $7,200 per month and are paid on the last day of each month Utilities expense is expected to be $600 per month in September, October, and November Utilities expense is expected to be $600 per month in September, October, and November Utilities expense is expected to be $1,300 per month during the colder months of December, January, and February. All utility bills are paid the month after incurred. Property tax is $19,200 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 $180,000 per year, the straight-line method used. Transaction fees, as stated earlier, are 1% of credit and debit card sales. Cash dividends of $240,000 are to be paid in December Assume the cash balance on October 31 is $65,000. The company wants to maintain a cash balance of at least $65,000 at the end of every month. The company has arranged a line of credit with a local bank at a 4% interest rate. There is no outstanding debt as of October 31. * Requirements Prepare the following budgets for November and December: 1. Sales budget 2. Cost of goods sold, inventory, and purchases budget Operating expense budget 4. Budgeted income statement Cash collections budget Cash payments budget 7. Combined cash budget Requirement 1. Prepare the sales budget for November and December Save A Lot Store Sales Budget For the Months of November and December November December Cash sales $ 85,800 $ 107,250 343,200 429,000 Credit sales 429,000 $ 536,250 Total sales Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December. Save A Lot Store Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December November December Cost of goods sold $ 257,400 $ 321,750 Plus: Desired ending inventory 42,175 33,400 Total inventory required 299,575 $ 355,150 Less: Beginning inventory 35,740 42,175 263,835's 312,975 Purchases Requirement 3. Prepare the operating expense budget for November and December. Save A Lot Store Cash Payments for Operating Expenses Budget For the Months of November and December November December Wage expense $ 7,200 $ 7,200 Utilities expense 600 1,300 Property tax expense 1,600 Property and liability insuranse expense 1,500 1,500 Depreciation expense 15,000 15,000 Credit/Debit card fees expense 3,432 4,290 $ 29,332$ 30,890 Total operating expenses 1,600 Requirement 4. Prepare the budgeted income statement for November and December. Review the budgets prepared in Requirements 1, 2, and 3. Save A Lot Store Budgeted Income Statement For the Months of November and December November December Sales revenue $ 429,000 $ 536,250 Less: Cost of goods sold 257,400 321,750 Gross profit $ 171,600 $ 214,500 29,332 30,890 Less: Operating expenses $ 142,268' $ 183,610 Net income Requirement 5. Prepare the cash collections budget for November and December. Review the sales budget prepared in Requirement 1. Save A Lot Cash Collections Budget For the Months of November and December November December Cash sales $ 85,800 $ 107,250 339,768 424,710 Credit sales, net of fees $ 425,568 $ 531,960 Total cash collections Requirement G. Prepare the cash payments budget for November and December. (if no cash payment is made, make sure to enter "0" in the appropriate coll.) Review the budgets prepared in Requirements 1, 2 and 3. Save A Lot Cash Payments for Operating Expenses Budget For the Months of November and December November December Purchases of inventory, 30 day lag Cash payments for wages November December $ 236,340 $ 263,835 7,2009 7,200 600 600 9,600 240,000 Cash payments for utilities Cash payments for property taxes Cash payments for dividends Property and liability insurance $ 244,140 $ 521,235 Total payments for operating expenses amounts Use parentheses or a minus sign for negative cash balances and financing payments.) Requirement 7. Prepare the combined cash budget for November and December. (Enter a "for any Review the cash collections and cash payments budgets prepared in Revirements 5 and 6 Save A Lot Combined Cash Budget For the Months of November and December Beginning cash balance Plus: Cash collections Total cash available November December $ 65,000 $ 246,428 425,568 531,960 $ 490,568 $ 778,388 244,140 521,235 $ 246,428' $ 257,153 Less: Cash payments Ending cash balance before financing Financing: Plus: New borrowings Less: Debt repayments $ o'$ 0 0 Less: Interest payments $ 246,428 $ 257,153 Ending cash balance