Weltin Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $390,000 for November, $370,000 for December, and $380,000 for January Collections are expected to be 90% in the month of sale, 5% in the month following the sale, and 5% uncollectible. The cost of goods sold is 60% of sales. The company purchases 70% of its merchandise in the month prior to the month of sale and 30% in the month of sale. Payment for merchandise is made in the month following the purchase Other monthly expenses to be paid in cash are $21,800. Monthly depreciation is $18,000. Ignore taxes. Statement of Financial Position October 31 Assets Cash $ 25,000 Accounts receivable (net of allowance for uncollectible accounts).. 71,000 Inventory 163,800 Property, plant and equipment (net of $504,000 accumulated depreciation.. 1.088,000 Total assets SL 347,800 Liabilitics and Stockholders' Equity Accounts payable $ 232,000 Common stock 700,000 Retained carnings 415.800 Total liabilities and stockholders' equity. S1.347.800 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