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. Assets Balance Sheet October 31 Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $608,000 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. $ 21,800 82,800 232,560 1,018,000 $ 1,355,160 $ 195,800 590,000 569,360 $ 1,355,160 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 December sales Total cash collections November December < Required A Required B >