Weller 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, $410,000 for December, and $400,000 for January Collections are expected to be 80% in the month of sale and 20% in the month following the sale The cost of goods sold is 73% 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 $20,900 Monthly depreciation is $20,700 Ignore taxes . Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $593,000 accumulated depreciation) Total assets $ 21,700 82,700 227,760 1,003,000 $1,335,160 Liabilities and Stockholders Equity Accounts payable Common stock Retained earnings $ 195,700 580,000 559,460 $1,335,160 Total liabilities and stockholders' equity 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. e. Prepare a Budgeted Balance Sheet for the end of December