Weller 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 $380,000 for January. Collections are expected to be 70% in the month of sale and 30% in the month following the sale. The cost of goods sold is 68% of sales. The company desires an ending merchandise inventory equal to 65% 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 $19,900. Monthly depreciation is $19,700. Ignore taxes. Assets Cash Balance Sheet October 31 $ 20,700 Accounts receivable Merchandise inventory Property, plant and equipment (net of $583,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Common stock Accounts payable Retained earnings 81,700 163,540 993,000 $ 1,258,940 $ 194,700 480,000 584,240 $ 1,258,940 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.