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 $$330,000$ for January.Collections are expected to be $70\%$ in the month of sale and $30\%$ in the month following the sale.The cost of goods sold is $75\%$ of sales.The company desires an ending merchandise inventory equal to $75\%$ of the cost of goods sold in the following month.Payment for merchandise is made in the month following the purchase.Other monthly expenses to be paid in cash are $$20,700.$Monthly depreciation is $$20,500.$Ignore taxes.Balance SheetOctober $31$Assets Cash$ $21,500$Accounts receivable$82,500$Merchandise inventory$180,000$Property, plant and equipment $($net of $$591,000$ accumulated depreciation$)1,001,000$Total assets$ $1,285,000$Liabilities and Stockholders' Equity Accounts payable$ $195,500$Common stock$560,000$Retained earnings$529,500$Total liabilities and stockholders' equity$ $1,285,000$Required:Prepare a Schedule of Expected Cash Collections for November and December.Prepare a Merchandise Purchases Budget for November and December.Prepare Cash Budgets for November and December.Prepare Budgeted Income Statements for November and December.Prepare a Budgeted Balance Sheet for the end of December.