Scannell Comer Shoppe is a local convenience store with the following information: (Click the icon to view the information.) Read the requirements Requirement 1. Prepare the sales budget for November and December Scannell Corner Shoppe Sales Budget For the Months of November and December November December Cash sales Credit sales Total sales October sales were $230,000. Sales are projected to go up by 5% in November (from the October sales) and another 25% 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 1% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. Scannell Comer Shoppe's gross profit is 20% of its sales revenue. For the next several months, the store wants to maintain an ending merchandise inventory equal to $16,000 + 10% of the next month's cost of goods sold. The September 30 inventory was $34,400. Expected monthly operating expenses include: Wages of store workers are $8,500 per month Utilities expense of $1,600 in November and $1,900 in December Property tax expense of $2,500 per month Property and liability insurance expense of $400 per month Depreciation expense of $8,000 per month Transaction fees, as stated above, are 1% of credit and debit card sales A Requirements - X Print Done 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 Clear All