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 $370,000 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 73% of sales. The company desires an ending merchandise inventory equal to 85% of the cost of goods sold in the following month. payment for mercherdise is made in the month following the purchase. other monthly expenses to be paid monthly depreciation in cash are $81,60oo. is $21,400. Ignore taxes. Balonce sheet Oct. 3) Assets cash Acct. Receivable Merchendise inventory Property, Plant, and equipment (net of 3598,000 accumulated depreciation) Total Assets $22,400 83,400 223, 380 1. 008,000 $1,337,180 Liabilities and stock.'s Equity Acctounts Payable common stock Retained Earnings Total Liabilities and stockholders Equity $ 196,400 1660.000 480.780 $1,337, 180 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