ABC Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $260,000 for November, $270,000 for December, and $250,000 for January Collections are expected to be 60% in the month of sale and 40% in the month following the sale. The cost of goods sold is 60% of sales . The company desires an ending merchandise inventory equal to 40% of the cost of goods sold in the fo for merchandise is made in the month following the purchase The November beginning balance in the accounts receivable account is $61,000. The November beginning balance in the accounts payable account is $248,000. Required: a. Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and December