Sales are budgeted at $350,000 for November, $370,000 for December, and $360,000 for January. .Collections are expected to be 80% in the month of sale and 20% in the month following the sale. The cost of goods sold is 72% of sales. The company desires an ending merchandise inventory equal to 80% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $21,500 Monthly depreciation is $21,300. Ignore taxes Assets Balance Sheet October 31 Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $597,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Common stock Accounts payable Retained earnings Total liabilities and stockholders' equity $22,300 83,300 201,600 1,007,000 $ 1,314,200 $196,300 650,000 467,900 $1,314,200 Required: Prepare a Schedule of Expected Cash Collections for November and December Prepare a Merchandise Purchases Budget for November and December. Prepare Cash Budgets for November and December Prepare Budgeted Income Statements for November and December Prepare a Budgeted Balance Sheet for the end of December