Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $330,000 for November, $300,000 for December, and $320,000 for January Collections are expected to be 85% in the month of sale, 14% in the month following the sale, and 1% uncollectible. The cost of goods sold is 60% of sales. The company purchases 80% of its merchandise in the month prior to the month of sale and 20% in the month of sale. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $21,200. Monthly depreciation is $21,000. Ignore taxes. 1 Statement of Financial Position As at October 31 Assets Cash Accounts receivable (net of allowance for uncollectible accounts) Inventory Property, plant and equipment (net of $594,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 22,000 83,000 158.400 1,004,000 S1.267.400 $ 196,000 620,000 451,400 $1.267,400 Required: a. Prepare a Schedule of Expected Cash Collections for November and December. (6 marks) b. Prepare a Merchandise Purchases Budget for November and December. (8 marks) c. Prepare Cash Budgets for November and December. (8 marks) d. Prepare Budgeted Income Statements for November and December. (13 marks) e. Prepare a Budgeted Statement of Financial Position for the end of December. (15 marks)