5 Tools 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 sain 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: a. Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and December Complete this question by entering your answers in the tabs below. Required A Required B Prepare a Schedule of Expected Cash Collections for November and December. Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections November December 270,000 S 260.000 $ 0 $ 0 < A Required B> 428 12 13 Cofing the cor 1514 The can of ting m 15 The ging 2