Slate Corner Shoppe is a local convenience store with the following information: (Click the icon to view the information.) Requirements 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 - October 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. - Slate 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 $20,000+25% of the next month's cost of goods sold. The September 30 inventory was $63,500. - Expected monthly operating expenses include: - Wages of store workers are $9,100 per month - Utilities expense of $1,100 in November and $1,900 in December - Property tax expense of $2,300 per month - Property and liability insurance expense of $700 per month - Depreciation expense of $5,000 per month - Transaction fees, as stated above, are 5% of credit and debit card sales Requirement 1. Prepare the sales budget for November and December. Sales Budget For the Months of November and December Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December. Swanson Corner Shoppe Cost of Goods Sold, Inventory, and Purchases Budget Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December. Cost of Goods Sold, Inventory, and Purchases Budget Requirement 3. Prepare the operating expense budget for November and December. Requirement 3. Prepare the operating expense budget for November and Decensier. Requirement 4. Prepare the budgeted income statement for November and December. (Use the traditional format). Requirement 4. Prepare the budgeted income statement for November and December. (Use the traditional format)