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 71% 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 $21,400.
• Monthly depreciation is $21,200.
• Ignore taxes.

Balance Sheet
October 31
Assets
Cash	$ 22,200
Accounts receivable	83,200
Merchandise inventory	181,050
Property, plant and equipment (net of $596,000 accumulated depreciation)	1,006,000
Total assets	$ 1,292,450
Liabilities and Stockholders' Equity
Accounts payable	$ 196,200
Common stock	640,000
Retained earnings	456,250
Total liabilities and stockholders' equity	$ 1,292,450

Required:

1. Prepare a Schedule of Expected Cash Collections for November and December.
2. Prepare a Merchandise Purchases Budget for November and December.
3. Prepare Cash Budgets for November and December.
4. Prepare Budgeted Income Statements for November and December.
5. Prepare a Budgeted Balance Sheet for the end of December.