Requirement 3. Prepare the operating expense budget for November and December. Slate Corner Shoppe Operating Expenses Budget Requirements For the Months of November and December November December Wage expense Prepare the following budgets for November and December: 1. Sales budget Utilities expense 2. Cost of goods sold inventory, and purchases budget Property tax expense 3. Operating expense budget Property and liability insuranse 4. Budgeted income statement expense Depreciation expense Credit/Debit card fees expense Total operating expenses Print Done - 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. Slate 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 $13,000 + 10% of the next month's cost of goods sold. The September 30 inventory was $34,000. Expected monthly operating expenses include: Wages of store workers are $8,500 per month Utilities expense of $1,600 in November and $2,400 in December Property tax expense of $2,600 per month Property and liability insurance expense of $300 per month Depreciation expense of $4,500 per month Transaction fees, as stated above, are 2% of credit and debit card sales . Print Done