Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $370,000 for November, $390,000 for December, and $380,000 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 74% 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 $21,700. Monthly depreciation is $21,500. Ignore taxes. Balance Sheet October 31 Assets Cash $ 22,500 Accounts receivable 83,500 Merchandise inventory 219,040 Property, plant and equipment (net of $599,000 accumulated depreciation) 1,009,000 Total assets $ 1,334,040 Liabilities and Stockholders' Equity Accounts payable $ 196,500 Common stock 670,000 Retained earnings 467,540 Total liabilities and stockholders' equity $ 1,334,040 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.