1 Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $270,000 for November, $280,000 for December, and $260,000 for January. Collections are expected to be 65% in the month of sale and 35% in the month following the sale. The cost of goods sold is 75% of sales. The company desires an ending merchandise inventory equal to 45% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. The November beginning balance in the accounts receivable account is $62,000. The November beginning balance in the accounts payable account is $249,000. Required: show your work 20 points a. Prepare a Schedule of Expected Cash Collections for November and December. 3 points extra credit: What is the Accounts Receivable balance on December 31? b. Prepare a Merchandise Purchases Budget for November and December