Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $300,000 for November, $320,000 for December, and $310,000 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 75% 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 $21,800 . Monthly depreciation is $21,600 . Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $600,000 accumulated depreciation) Total assets $ 22,600 83,600 157,500 1,010,000 $1,273,700 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 196,600 680,000 397,100 $1,273,700 Total liabilities and stockholders equity 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