Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow Sales are budgeted at $340,000 for November, $360,000 for December, and $350,000 for January . Collections are expected to be 75% in the month of sale and 25% in the month following the sale. The cost of goods sold is 80% 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 $20.200. Monthly depreciation is $20,000 Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $586,ea accumulated depreciation) Total assets Liabilities and Shareholder's Equity Accounts payable Common shares Retained earnings Total liabilities and shareholder's equity 5 21,000 82,000 204,000 996,000 $1,303,000 $ 195,000 510,000 598,000 $1,303,000 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 Complete this question by entering your answers in the tabs below