Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $350,000 for November, $370,000 for December, and $360,000 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 69% of sales. The company desires an ending merchandise inventory equal to 80% 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 $20,100. Monthly depreciation is $19,900. Ignore taxes. Balance Sheet October 31 Assets Cash $ 20,900 Accounts receivable 81,900 Merchandise inventory 193,200 Property, plant and equipment (net of $585,000 accumulated depreciation) 995,000 Total assets $ 1,291,000 Liabilities and Stockholders' Equity Accounts payable $ 194,900 Common stock 500,000 Retained earnings 596,100 Total liabilities and stockholders' equity $ 1,291,000 Required: Prepare a Schedule of Expected Cash Collections for November and December. Prepare a Merchandise Purchases Budget for November and December. Prepare Cash Budgets for November and December. Prepare Budgeted Income Statements for November and December. Prepare a Budgeted Balance Sheet for the end of December.