Weller Industrial Gas Corporation supplies acetylene and other compressed gases to Industry. Data regarding the store's operations follow: . . Sales are budgeted at $350,000 for November. $370.000 for December, and $360,000 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 74% of sales. The company desires an ending merchandise Inventory equal to 70% 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 $20,800. Monthly depreciation is $20.600. Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $592,888 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Connon stock Retained earnings Total liabilities and stockholders' equity $ 21,600 82,6ee 181,300 1,e2,eee $ 1,287,5ee $ 195, Gee 57e, een 521, 9ee $ 1,287,5ee 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 Complete this question by entering your answers in the tabs below. Required A Required Requir Prepare a Schedule of Expected Cas Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections Required A Required B Required c Prepare a Merchandise Purchases Budget fe Budgeted cost of goods sold Add: Desired ending merchandising inventory Total needs Less: Beginning merchandise inventory Required purchases Required A Required B Required Required D Required E Prepare Cash Budgets for November and December November December $ 07s 03 $ OS Cash disbursements for merchandise Other monthly cash expenses Total cash disbursements Beginning cash balance Add cash receipts Total cash available Less cash disbursements Excess (deficiency of cash available over disbursements Financing Ending cash balance 0 0 0 0 $ 0 $ Sales Cost of goods sold Gross margin Other monthly expenses Depreciation November December $ 07s 0 0 0 0 0 0 0 0 0 $ 0 S 0 Balance Sheet December 31 Assets Cash Accounts receivable Inventory Property, plant and equipment (net of accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total abilities and stockholders' equity