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 $260,000. Sales are projected to go up by 8% in November (from the October sales) and another 25% in December (from the November sales) and then return to the October level in January. 25% of sales are made in cash, while the remaining 75% are paid by credit or debit cards. The credit card companies and banks (debit card issuers) charge a 4% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. Scannell Corner Shoppe's gross profit is 30% of its sales revenue. For the next several months, the store wants to maintain an ending merchandise inventory equal to $14,000 + 20% of the next month's cost of goods sold. The September 30 inventory was $50,400. Expected monthly operating expenses include: Wages of store workers are $8,900 per month Utilities expense of $1,400 in November and $2,200 in December Property tax expense of $1,700 per month Property and liability insurance expense of $400 per month Depreciation expense of $7,000 per month Transaction fees, as stated above, are 4% of credit and debit card sales For the Months of November and December November December Cash sales Credit sales Total sales Enter any number in the edit fields and then click Check Answer. 2 parts remaining