10. Best Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: . Sales are budgeted at $500,000 for November, $350,000 for December, and $300,000 for January. 90% of the sales are credit sales. Collections are expected to be 60% in the month of sale, 34% in the month following the sale, and 6% uncollectible. The cost of goods sold is 70% of sales. The company desires an ending merchandise inventory equal to 60% 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 $80,000. The November beginning balance in the accounts payable account is $20,000. Required: Prepare a Schedule of Expected Cash Collections for November and December. 6 points