Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow:$*$ Sales are budgeted at $$310,000$ for November, $$330,000$ for December, and $$320,000$ for January.$*$ Collections are expected to be $80\%$ in the month of sale and $20\%$ in the month following the sale.$*$ The cost of goods sold is $70\%$ of sales.$*$ The company desires an ending merchandise inventory equal to $75\%$ of the cost of goods sold in the following month.$*$ Payment for merchandise is made in the month following the purchase.$*$ Other monthly expenses to be paid in cash are $$21,900.*$ Monthly depreciation is $$21,700.*$ Ignore taxes.Balance SheetOctober $31$AssetsCash$ $22,700$Accounts receivable$83,700$Merchandise inventory$162,750$Property, plant and equipment $($net of $$601,000$ accumulated depreciation$)1,011,000$Total assets$ $1,280,150$Liabilities and Stockholders' EquityAccounts payable$ $196,700$Common stock$690,000$Retained earnings$393,450$Total liabilities and stockholders' equity$ $1,280,150$Required:$*$ Prepare Budgeted Income Statements for November and December.