Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations

follow:

Sales are budgeted at $$320,000$ for November, $$340,000$ for December, and $$330,000$ 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 $66\%$ 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 $$22,000.$

Monthly depreciation is $$21,800.$

Ignore taxes.

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.

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