Scannell Corner Shoppe is a local convenience store with the following information: (Click the icon to view the information.) Read the requirements. Requirements Requirement 1. Prepare the sales budget for November and December. 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 Data table - Uctober sales were \$290,000. - Sales are projected to go up by 12% in November (from the October sales) and another 20% in December (from the November sales) and then return to the October level in January. - 25% of sales are made in cash, while the remaining 75% are paid by credit or debit cards. The credit card companies and banks (debit card issuers) charge a 5% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. - Scannell Corner Shoppe's gross profit is 40% of its sales revenue. - For the next several months, the store wants to maintain an ending merchandise inventory equal to $11,000+25% of the next month's cost of goods sold. The September 30 inventory was $54,500. - Expected monthly operating expenses include: - Wages of store workers are $9,100 per month - Utilities expense of $1,600 in November and $2,300 in December - Property tax expense of $2,400 per month - Property and liability insurance expense of $700 per month - Depreciation expense of $7,000 per month