Sullivan Comer Shoppe is a local convenience store with the following information: (Click the icon to view the information.) Read the requirements. Requirement 1. Prepare the sales budget for November and December. Data table - October sales were $260,000. - Sales are projected to go up by 8% in November (from the October sales) and another 25% in December (from the November sales) 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 Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December. cards. The credit card companies and banks (debit card issuers) charge a 4% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. - Sullivan Comer Shoppe's gross profit is 30% of its sales revenue. Cost of Goods Sold, Inventory, and Purchases Budget - For the next several months, the store wants to maintain an ending merchandise inventory equal to $13,000+20% of the next month's cost of goods sold. The September 30 inventory was $49,400. - Expected monthly operating expenses include: - Wages of store workers are $9,000 per month - Utilities expense of $1,500 in November and $1,700 in December - Property tax expense of $2,100 per month - Property and liability insurance expense of $1,100 per month - Depreciation expense of $5,500 per month - Transaction fees, as stated above, are 4% of credit and debit card sales Requirement 3. Prepare the operating expense budget for November and December. Requirements Prepare the following budgets for November and December: 1. Sales budget 2. Cost of goods sold, inventory, and purchases budget 3. Operating expense budget 4. Budgeted income statement Requirement 4. Prepare the budgeted income statement for November and December. (Use the traditional format). Sullivan Corner Shoppe