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

Sales are budgeted at $$340,000$ for November, $$360,000$ for December, and $$350,000$ 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 $80\%$ 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 $$20,200.$

Monthly depreciation is $$20,000.$

Ignore taxes.

Balance Sheet

October $31$

Assets

Cash $ $21,000$

Accounts receivable $82,000$

Merchandise inventory $204,000$

Property, plant and equipment $($net of $$586,000$ accumulated depreciation$)996,000$

Total assets $ $1,303,000$

Liabilities and Shareholder's Equity

Accounts payable $ $195,000$

Common shares $510,000$

Retained earnings $598,000$

Total liabilities and shareholder's equity $ $1,303,000$

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.