Weller Industrial Gas Corporation suppliles acetylene and other compressed gases to Industry. Data regarding the store's operations Sales are budgeted at $370,000 for November, $390,000 for December, and $380,000 for January Collections are expected to be 80% inthe month of sale and 20% inthe month following the sale. The cost of goods sold is 74% of sales. The company desires an ending merchandise inventory equal to 80% of the cost of goods sold Payment for merchandise is made in the month following the purchase . the following month. Other monthly expenses to be paid In cash are $21,700. Monthly depreclation is $21,500 Ignore taxes. s 22,500 3,500 219,040 Cash ccounts receivable 1,009,000 1.334,040 Property, plant and equipment (net of $599,000 cuulated depreeiation Total asnets Liabilities and Stockholders' Equity Common stock Total 1iabilities and stockholders equity 196,500 670,000 467,540 1,334,040 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