Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow . Sales are budgeted at $330,000 for November, $350,000 for December, and $340,000 for January. Collections are expected to be 70% in the month f sale, 27% in the month following the sale, and 3% uncollectible. The cost of goods sold is 79% of sales. The company desires an ending merchandise inventory equal to 70% 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 $20,100. Monthly depreciation is $15,100. Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable (net of allowance for uncollectible accounts) Merchandise Inventory Property, plant and equipment (net of $651,000 accumulated depreciation) $ 21,100 81,100 182,490 1,170,000 Total assets $ 1,454,690 Liabilities and Stockholders' Equity Accounts payable Common stock Retained eamings $ 198,100 740,000 516,590 Total liabilities and stockholders' equity $ 1,454,690 Required: a. Prepare a Schedule of Expected Cash Collections for November and December WELDON INDUSTRIAL GAS CORPORATION Schedule of Expected Cash Collections November December Sales