Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow Sales are budgeted at $320,000 for November. $340,000 for December, and $330,000 for January. Collections are expected to be 70% in the month of sale, 28% in the month following the sale, and 2% uncollectible. The cost of goods sold is 75% of sales. The company desires an ending merchandise inventory equal to 75% 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 $20,500. Monthly depreciation is $15,500. Ignore taxes. Balance Sheet October 31 Cash s 21500 Accounts receivable (net of allowance for uncollectible accounts) 81,500 Merchandise Inventory 180,000 Property, plant and equipment (net of 1.170.000 $655,000 accumulated depreciation) Total assets 1,453.000 Liabilities and Stockholders' Equity Accounts payable 198,500 Common stock Retained earnings Total liabilities and stockholders' equity Required a Prepare a Schedule of Expected Cash Collections for November and December. is not complete Schedule of Expected Cash Collections Schedule of Expected Cash Colections November sales December sales Total cash collections