17. Caprice Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: o Sales are budgeted at $350,000 for November, $320,000 for December, and $300,000 for January o Collections are expected to be 80% in the month of sale, 15% in the month following the sale, and 5% uncollectible. o The cost of goods sold is 70% of sales. 0 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. o The November beginning balance in the accounts receivable account is $78,000. o The November beginning balance in the accounts payable account is $234,000. Required: a. Prepare a Schedule of Expected Cash Collections for November and December