Weller Industrial Gas Corporation supplies acetylene and other compressed gases to Industry. Data regarding the store's operations follow: Sales are budgeted at $330,000 for November, $350,000 for December, and $340,000 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 70% of sales. The company desires an ending merchandise Inventory equal to 70% 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 $21,300. Monthly depreciation is $21,100. Ignore taxes. Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment (net of $595,000 accumulated depreciation) Total assets Liabilities and Shareholder's Equity Accounts payable Common shares Retained earnings Total liabilities and shareholder's 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. $ 22,100 83,100 161,700 1,005,000 $1,271,900 $196,100 630,000 445,800 $1,271,900