Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below: The company is in the process of preparing a budget for October and has assembled the following data: 1. Sales are budgeted at \\( \\$ 420,000 \\) for October and \\( \\$ 430,000 \\) for November. Or these sales, \35 will be for cash; the remainder will be credit sales. Forty percent of a month's credit sales are collected in the month the sales are made, and the remaining \60 is collected in the following month. All of the September 30 accounts recelvable will be collected in October. 2. The budgeted cost of goods sold is always \45 of sales and the ending merchandise inventory is always \30 of the following month's cost of goods sold. 3. All merchandise purchases are on account. Thirty percent of all purchases are paid for in the month of purchase and \70 are paid forin the following month. All of the September 30 accounts payable to suppliers will be paid during October. 4. Selling and administrative expenses for October ate budgeted at \\( \\$ 89,600 \\), exclusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at \\( \\$ 2,670 \\) for the month. 1. Using the information provided, calculate or prepare the following: a. The budgeted cash collections for October. b. The budgeted merchandise purchases for October. c. The budgeted cash disbursements for merchandise purchases for October. d. The budgeted net operating income for October. e. A budgeted balance sheet at October 31. 2. Assume the following changes to the underlying budgeting assumptions: (1) \50 of a month's credit sales are collected in the month the sales are made and the remaining \50 is collected in the following month, (2) the ending merchandise inventory is always \10 of the following month's cost of goods sold, and (3) \20 of all purchases are paid for in the month of purchase and \80 are paid for in the following month. Using these new assumptions, calculate or prepare the following: a. The budgeted cash collections for October. b. The budgeted merchandise purchases for October. c. The budgeted cash disbursements for merchandise purchases for October. d. Net operating income for the month of October. e. A budgeted balance sheet at October 31 Complete this question by entering your answers in the tabs below. Prepare the budgeted merchandise purchases for October, Asgume that 5095 of a month's credit sales are collected in the month the sakes are made and the remaining \50 is collected in the following month, (2) the ending merchandise inventory. is always \10 of the following monti's cost of goods sold, and (3) \20 of all purchases are pald for in the month of purchase and \80 are pald for in the following month