TB Problem Qu. 8-224 Weller Industrial Gas Corporation ... Weller industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow. Sales are budgeted at $340,000 for November. $360,000 for December, and $350,000 for January Collections are expected to be 75% in the month of sale and 25% in the month following the sale. The cost of goods sold is 68% of sales. The company desires an ending merchandise Inventory equal to 80% of the cost of goods sold in the following month Payment for merchandise is made in the month following the purchase Other monthly expenses to be paid in cash are $22.200. Monthly depreciation is $22.000. ignore taxes. Balance sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $604,000 accumulated depreciation) Total assets $ 23,000 84.000 184,960 1,014,000 $1,305,960 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 197.000 940,000 168,960 $1,305.960 Required: a. Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and December C. Prepare Cash Budgets for November and December d. Prepare Budgeted Income Statements for November and December e. Prepare a Budgeted Balance Sheet for the end of December