Dollar Saver Store is a local discount store with the following information:

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Requirement $3.$ Prepare the operating expense budget for November and December.

Dollar Saver Store

Operating Expenses Budget

For the Months of November and December

$\backslash$table$[[,$November$],[$Wage expense,$],[$Utilities expense,$],[$Property tax expense,$],[$Property and liability insuranse expense,$],[$Depreciation expense,$],[$Credit$/$Debit card fees expense,$],[$Total operating expenses,$]]$

Information

October sales are projected to be $$400,000.$

Sales are projected to increase by $10\%$ in November and another $20\%$ in December and then return to the October level in January.

$25\%$ of sales are made in cash while the remaining $75\%$ are paid by credit or debit cards. The credit card companies and banks $($debit card issuers$)$ charge a $2\%$ transaction fee, and deposit the net amount $($sales price less the transaction fee$)$ in the store's bank account daly. The store does not accept checks. Because of the payment mechanisms, there is no risk of non payment or bad debts.

The store's gross proft is $30\%$ of its sales revenue.

For the next several months, the store wants to maintain an ending merchandise inventory equal to $$16,000$ plus $15\%$ of the next month's cost of goods sold. All purchases for merchandise are made on account and paid in the month following the purchase. The September $30$ inventory is expected to be $558,000.$

Expected monthly operating expenses and details about payments include the following.

Wages of store workers should be $$7\mathrm{.}400$ per month and are paid on the last day of each month.

Utilities expense is expected to be $$500$ per month in September. October. and November

Utilites expense is expected to be $31,300$ per month during the colder months of December. January, and February

Requirement $4.$ Prepare the budgeted income statement for November and December