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

October sales were $ 270000.

Sales are projected to go up by 15% in November (from the October sales) and another 20% in December (from the November sales) 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.

Swanson Corner Shoppe'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 $20000 + 20% of the next month's cost of goods sold. The September 30 inventory was $ 60500.

Expected monthly operating expenses include:

Wages of store workers are $ 9300 per month

Utilities expense of $ 1 500 in November and $ 1 900 in December

Property tax expense of $ 2500 per month

Property and liability insurance expense of $ 600 per month

Depreciation expense of $ 8000 per month

Transaction fees, as stated above, are 5% of credit and debit card sales