ABC Corporation is a wholesaler of Industrial goods. Data regarding the store's operations follow: Sales are budgeted at $250,000 for November, $260,000 for December, and $240,000 for January. Collections are expected to be 40% In the month of sale and 60% In the month following the sale. The cost of goods sold is 70% of sales. The company desires an ending merchandise Inventory equal to 20% 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 $60,000. The November beginning balance in the accounts payable account is $247,000. 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 < Required A Required B > Required A Required B Prepare a Merchandise Purchases Budget for November and December. Merchandise Purchases Budget Cost of goods sold Total needs November December Required purchases < Required A Required B >