Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $380,000 for November, $400,000 for December, and $390,000 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 72% of sales The company desires an ending merchandise inventory equal to 85% 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 $21,000. Monthly depreciation is $20,800 . Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $608,000 accumulated depreciation) Total assets $ 21,800 82,800 232,560 1,018,000 $1,355,160 Liabilities and Stockholders Equity Accounts payable Common stock Retained earnings $ 195,800 590,000 569,360 $1,355,160 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