Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $320.000 for November. $340,000 for December, and $330,000 for January Collections are expected to be 70% in the month of sale and 30% in the month following the sale. The cost of goods sold is 75% 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 $20,700. Monthly depreciation is $20,500. Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $591, eee accumulated depreciation) Total assets $ 21,589 82,500 180,eee 1, e81, eee $1,285,880 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 195,500 560, eee 529,500 $1,285, eee 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 B Required C Required D Required E Prepare a Schedule of Expected Cash Collections for November and December. November December Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections S 0 S 0 Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a Merchandise Purchases Budget for November and December. November December Budgeted cost of goods sold Total needs 0 0 Required purchases S 0 0 Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Required E Prepare Cash Budgets for November and December November December Cash disbursements for merchandise Other monthly cash expenses Total cash disbursements S 0 S 0 Beginning cash balance Add cash receipts Total cash available 0 0 0 0 Less cash disbursements Excess (deficiency) of cash available over disbursements Financing Ending cash balance S 0 S 0 Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Required E Prepare Budgeted Income Statements for November and December. November December Sales Cost of goods sold 0 0 Other monthly expenses Depreciation S 0 S 0 Required A Required B Required C Required D Required E Prepare a Budgeted Balance Sheet for the end of December Balance Sheet December 31 Assets Cash Accounts receivable Inventory Property, plant and equipment (net of accumulated depreciation) Total assets S Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity S 0