Sales are budgeted at $370,000 for November, $390,000 for December, and $380,000 for January. Collections are expected to be 70% in the month of sale and 30% in the month following the sale. The cost of goods sold is 68% of sales. The company desires an ending merchandise inventory equal to 65% 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 $19,900. Monthly depreciation is $19,700. Ignore taxes. Assets Balance Sheet October 31 Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $583,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Required: a. Prepare a Schedule of Expected Cash Collections for November and December. b. Prepare a Merchandise Purchases Budget for November and December. c. Prepare Cash Budgets for November and December. d. Prepare Budgeted Income Statements for November and December. e. Prepare a Budgeted Balance Sheet for the end of December. $ 20,700 81,700 163,540 993,000 $ 1,258,940 $ 194,700 480,000 584,240 $ 1,258,940 Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare Cash Budgets for November and December. Cash disbursements for merchandise Other monthly cash expenses Total cash disbursements Beginning cash balance Add cash receipts Total cash available Less cash disbursements Excess (deficiency) of cash available over disbursements Financing Ending cash balance November December 19,900 $ 19,900 $ 0 $ 207,000 $ 207,000 340,700 384,000 547,700 591,000 547,700 591,000 $ 547,700 $ 591,000