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Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $$330,000$ for November, $$350,000$ for December, and $$340,000$ for January.Collections are expected to be $70\%$ in the month of sale and $30\%$ in the month following the sale.The cost of goods sold is $67\%$ of sales.The company desires an ending merchandise inventory equal to $85\%$ of the cost of goods sold in the following month.Payment for merchandise is made in the month following the purchase.Other monthly expenses to be paid in cash are $$22,100.$Monthly depreciation is $$21,900.$Ignore taxes. Balance SheetOctober $31$Assets Cash$ $22,900$Accounts receivable$83,900$Merchandise inventory$187,935$Property, plant and equipment $($net of $$603,000$ accumulated depreciation$)1,013,000$Total assets$ $1,307,735$Liabilities and Stockholders' Equity Accounts payable$ $196,900$Common stock$710,000$Retained earnings$400,835$Total liabilities and stockholders' equity$ $1,307,735$ 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.

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