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 68% 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 $22,200. Monthly depreciation is $22,000. Ignore taxes. Balance Sheet October 31 Assets Cash $ 23,000 Accounts receivable 84,000 Merchandise inventory 184,960 Property, plant and equipment (net of $604,000 accumulated depreciation) 1,014,000 Total assets $ 1,305,960 Liabilities and Stockholders' Equity Accounts payable $ 197,000 Common stock 940,000 Retained earnings 168,960 Total liabilities and stockholders' equity $ 1,305,960 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.