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Scannell Corner Shoppe is a local convenience store with the following information:

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Requirement $1.$ Prepare the sales budget for November and December.

Scannell Corner Shoppe

Sales Budget

For the Months of November and December

$\backslash$table$[[,$November,December$],[$Cash sales,,$],[$Credit sales,,$],[$Total sales,,$]]$

Requirements

Prepare the following budgets for November and December:

Sales budget

Cost of goods sold, inventtory, and purchases budget

Operating expense budget

Budgeted income statement

October sales were $$240,000.$

Sales are projected to go up by $20\%$ in November $($from the October sales$)$ and another $30\%$ in December $($from the November sales$)$ and then return to the October level in January.

$40\%$ of sales are made in cash, while the remaining $60\%$ are paid by credit or debit cards. The credit card companies and banks $($debit card issuers$)$ charge a $5\%$ transaction fee, and deposit the net amount $($sales price less the transaction fee$)$ in the store's bank account daily.

Scannell Corner Shoppe's gross profit is $40\%$ of its sales revenue.

For the next several months, the store wants to maintain an ending merchandise inventory equal to $$14,000+15\%$ of the next month's cost of goods sold. The September $30$ inventory was $$35,600.$

Expected monthly operating expenses include:

Wages of store workers are $$9,100$ per month

Utilities expense of $$1,700$ in November and $$2,300$ in December

Property tax expense of $$2,700$ per month

Property and liability insurance expense of $$900$ per month

Depreciation expense of $$8,000$ per month

Transaction fees, as stated above, are $5\%$ of credit and debit card sales

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