Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: . Sales are budgeted at $370,000 for November, $390,000 for December, and S380,000 for January . Collections are expected to be 80% in the month of sale, 16% in the month following the sale, and 4% uncollectible The cost of goods sold is 74% 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 $21,500 . Monthly depreciation is $16,500 . Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable (net of allowance for uncollectible accounts) Merchandise Inventory Property, plant and equipment (net of $663,000 accumulated depreciation) $ 22,500 82,500 219,040 1,170,000 Total assets $ 1,494,040 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 199,500 890,000 404,540 Total liabilities and stockholders' equity $1,494,040 Required a. Prepare a Schedule of Expected Cash Collections for November and December. WELDON INDUSTRIAL GAS CORPORATION Schedule of Expected Cash Collections NovemberDecember Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections 0