Slate Corner Shoppe is a local convenience store with the following information: a (Click the icon to view the information.) Data table Requirements October sales were $290,000. Prepare the following budgets for November and December: 0 Sales are projected to go up by 12% in November (from the October sales) and 1. Sales budget another 20% in December (from the November sales) and then return to the 2. Cost of goods sold, inventory, and purchases budget 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 prot is 40% of its sales revenue. 0 For the next several months, the store wants to maintain an ending merchandise inventory equal to $18,000 + 25% of the next month's cost of goods sold. The September 30 inventory was $61,500. - Expected monthly operating expenses include: - Wages of store workers are $9,000 per month - Utilities expense of $800 in November and $2,400 in December - Property tax expense of $1,700 per month - Property and liability insurance expense of $300 per month - Depreciation expense of $8,000 per month Transaction fees, as stated above, are 5% of credit and debit card sales 3. Operating expense budget 4. Budgeted income statement Requirement 1. Prepare the sales budget for November and December. Slate Corner Shoppe Sales Budget For the Months of November and December November December Cash sales Credit sales Total sales Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December. Slate Corner Shoppe Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December November December Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory PurchasesRequirement 3. Prepare the operating expense budget for November and December. Slate Corner Shoppe Operating Expenses Budget For the Months of November and December November December Wage expense Utilities expense Property tax expense Property and liability insurance expense Depreciation expense Credit/Debit card fees expense Total operating expensesRequirement 4. Prepare the budgeted income statement for November and December. (Use the traditional format). Slate Corner Shoppe Budgeted Income Statement For the Months of November and December November December Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses Net income