Problem 5-B.FINANCIAL BUDGET Wally Merchandising is located in a small town in Cebu province. Data regarding the store's operations follow: Sales are budgeted at P260,000 for November, P230,000 for December, and P210,000 for January.Collections are expected to be 55% in the month of sale, 40% in the month following the sale, and 5% uncollectible. The cost of goods sold is 80% of sales. . The company purchases 50% of its merchandise in the month prior to the month of sale and 50% in the month of sale. Payment for merchandise is made in the month following the purchase. . Other monthly expenses to be paid in cash are P21,700. . Monthly depreciation is P17,000. . Ignore taxes. . Additional data as of October 31, 2020 is as follows Assets: Cash P28,000 Accounts Receivable (net of allowance) 78,000 Inventory 104,000 Equipment (net of P640,000, depreciation) 1,132,000 Liabilities and Equity Accounts Payable P200,000 Common Stock 800,000 Retained Earnings 342,000 Requirement: Prepare the following Operating and Financial budget and the necessary supporting schedule: 1. Cash Collection - November and December 2. Cash Payments - November and December 3. Ending Inventory Budget - November and December 4. Income Statement Budget - November and December 5. Cash Budget - November and December 6. Budgeted Balance Sheet - December