Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $370,000 for November, $390,000 for December, and $380,000 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 68% of sales. The company desires an ending merchandise inventory equal to 65% 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 $19,900. Monthly depreciation is $19,700. Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $583,000 accumulated depreciation) Total assets 20,700 81,700 163,540 993,000 $1,258,940 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 194,700 480,000 584,240 $1,258,940 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