Sweeney Corner Shoppe is a local convenience store with the following information:

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Requirement $1.$ Prepare the sales budget for November and Decembe

Information

Sweeney Corner Shoppe

Sales Budget

For the Months of November and December

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.

Sweeney Corner 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 $$17,000+10\%$ of the next month's cost of goods sold. The

September $30$ inventory was $$35,400.$

Expected monthlv operatina expenses include:Sweeney Corner Shoppe is a local convenience store with the following information:

View the information.

Read the requirements.

equirements

Information

epare the following budgets for November and December:

Sales budget

Cost of goods sold, inventory, and purchases budget

Operating expense budget

Budgeted income statement

transaction fee$)$ in the store's bank account daily.

Sweeney Corner 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 $$17,000+10\%$ of the next month's cost of goods sold. The

September $30$ inventory was $$35,400.$

Expected monthly operating expenses include:

Wages of store workers are $$8,900$ per month

Utilities expense of $$1,600$ in November and $$2,300$ in December

Property tax expense of $$1,700$ per month

Property and liability insurance expense of $$900$ per month

Depreciation expense of $$5,500$ per month

Transaction fees, as stated above, are $1\%$ of credit and debit card sales