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

Sales are budgeted at $$380,000$ for November, $$400,000$ for December, and $$390,000$ 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 $72\%$ of sales.

The company desires an ending merchandise inventory equal to $85\%$ 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 $$21,000.$

Monthly depreciation is $$20,800.$

Ignore taxes.

Balance Sheet

October $31$

Assets

Cash $ $21,800$

Accounts receivable $82,800$

Merchandise inventory $232,560$

Property, plant and equipment $($net of $$608,000$ accumulated depreciation$)1,018,000$

Total assets $ $1,355,160$

Liabilities and Stockholders' Equity

Accounts payable $ $195,800$

Common stock $590,000$

Retained earnings $569,360$

Total liabilities and stockholders' equity $ $1,355,160$

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.