Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $300,000 for November, $320,000 for December, and $310,000 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 76% 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 $20,600. Monthly depreciation is $20,400. Ignore taxes. Assets Balance Sheet October 31 Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $590,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 3. Prepare a Schedule of Expected Cash Collections for November and December. $ 21,400 82,400 182,400 1,000,000 $1,286,200 $ 195,400 550,000 540,800 $ 1,286,200 b. Prepare a Merchandise Purchases Budget for November and December. c. Prepare Cash Budgets for November and December. (Ctrl)- IF