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. Assets Balance Sheet October 31 Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $593,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings 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. Complete this question by entering your answers in the tabs below. $ 21,700 82,700 227,760 1,003,000 $ 1,335,160 $ 195,700 580,000 559,460 $ 1,335,160 Required A Required B Required C Required D Required E Prepare a Schedule of Expected Cash Collections for November and December. Sales Schedule of Expected Cash Collections Accounts receivable November sales November December December sales Total cash collections $ 0 $ 0 Required A Required B Required C Required D Required E Prepare a Merchandise Purchases Budget for November and December. Budgeted cost of goods sold Total needs Required purchases November December 0 0 $ 0 $ 0 Required A Required B Required C Required D Required E Prepare Cash Budgets for November and December. November December Cash disbursements for merchandise Other monthly cash expenses Total cash disbursements Beginning cash balance Add cash receipts Total cash available Less cash disbursements Excess (deficiency) of cash available over disbursements Financing Ending cash balance $ 0 $ 0 0 0 0 $ 0 $ 0 Required A Required B Required C Required Required E Prepare Budgeted Income Statements for November and December. Sales Cost of goods sold Other monthly expenses Depreciation $ SA November December 0 0 0 $ 0 Balance Sheet December 31 Assets Cash Accounts receivable Inventory Property, plant and equipment (net of accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ SA $