Use the following information to answer Questions 1 through 5: Weldon Industrial Gas Corporation supplies compressed gases to other companies. Data regarding Weldon's operations follow: Sales are all on account, and they are budgeted at $240,000 for November, $320,000 for December, and $340,000 for January Collections are expected to be 75% in the month of sale, 22% in the month following the sale, and 3% uncollectible. The cost of goods sold is 76% of sales. The company desires an ending merchandise inventory equal to 80% of the cost of goods sold in the following month. Merchandise is bought on account, and payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $20,400. Monthly depreciation is $15,400. Ignore taxes. 1. How much are Weldon's total cash collections in December? $292,800 S306,000 a. b. c. $297,200 d. $301,600 None of the above e