Requirement 1. Prepare the sales budget for November and December. Data table - October sales were $300,000. - Sales are projected to go up by 15% in November (from the October sales) and another 30% 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 2% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. - Stewart 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 $17,000+10% of the next month's cost of goods sold. The September 30 inventory was $38,000. - Expected monthly operating expenses include: - Wages of store workers are $8,800 per month - Utilities expense of $1,800 in November and $1,600 in December - Property tax expense of $1,900 per month - Property and liability insurance expense of $700 per month - Depreciation expense of $8,500 per month - Transaction fees, as stated above, are 2% of credit and debit card sales Requirements 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