Problem 3: Master Budgets (Points) Westchester Fuel Company delivers home heating oil CT and NY. Data regarding the company's operations follow: 1) Sales (all on account) are budgeted at 500,000 gallons for October, 600,000 gallons for November, and 900,000 gallons for December. 2) The budgeted selling price per gallon is $3.20. 3) Cost of goods sold is budgeted as 70% of the selling price. 4) It is expected that 20% of a month's sales are collected in the month the sales are made, and the remainder is collected in the following month. 5) Selling and administrative expenses for November are budgeted at $250,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $70,000 for the month. (a) What is the amount of sales revenue reported on the budgeted income statement for November? points) (b) What is the amount of gross margin reported on the budgeted income statement for November? points) (c) How much cash is expected to be collected in November? (3 points) (d) What is the amount of accounts receivable reported on the budgeted balance sheet on November 30? (2 points) (e) What is the amount of selling and administrative expense reported on the budgeted income statement for November? (2 points)