Stewart Corner Shoppe Sales Budget For the Months of November and December - Sales are projected to go up by 15% in November (from the October sales) and another 20% 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 5% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. - Stewart Corner Shoppe's gross profit is 25% of its sales revenue. - For the next several months the store wants tn maintain an endina merchandise. - For the next several months, the store wants to maintain an ending merchandise inventory equal to $18,000+20% of the next month's cost of goods sold. The September 30 inventory was $58,500. - Expected monthly operating expenses include: - Wages of store workers are $8,400 per month - Utilities expense of $900 in November and $1,600 in December - Property tax expense of $2,600 per month - Property and liability insurance expense of $300 per month - Depreciation expense of $7,000 per month Data table inventory equal to $18,000+20% of the next month's cost of goods sold. The September 30 inventory was $58,500. - Expected monthly operating expenses include: - Wages of store workers are $8,400 per month - Utilities expense of $900 in November and $1,600 in December - Property tax expense of $2,600 per month - Property and liability insurance expense of $300 per month - Depreciation expense of $7,000 per month - Transaction fees, as stated above, are 5% of credit and debit card sales 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