ABC Corporation is a wholesaler of industrial goods. Dota regarding the stores operations follow: - Sales are budgeted at $360,000 for November, $370,000 for December, and \$350,000 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 60% 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 recelvable account is $7,000 - The November beginning balarice in the occounts payoble account is $258,000. Required: a. Prepare o Schedule of Expected Cash Collections for November and December b Piepare-a Mercharistise Purchases Audget for November and December Complete this question by entering your answers in the tabs below. Frepare a schedule of Expected Cash Collections for November and December. ABC Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow - Sales are budgeted at $360,000 for November, $370,000 for December, and $350,000 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 60% 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 $71.000 - The November beginning balance in the occounts payable account is $258,000 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. Prepare a Merchandise Purchases Budget for November and December. ABC Corporation is a wholesaler of industrial goods. Dota regarding the stores operations follow: - Sales are budgeted at $360,000 for November, $370,000 for December, and \$350,000 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 60% 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 recelvable account is $7,000 - The November beginning balarice in the occounts payoble account is $258,000. Required: a. Prepare o Schedule of Expected Cash Collections for November and December b Piepare-a Mercharistise Purchases Audget for November and December Complete this question by entering your answers in the tabs below. Frepare a schedule of Expected Cash Collections for November and December. ABC Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow - Sales are budgeted at $360,000 for November, $370,000 for December, and $350,000 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 60% 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 $71.000 - The November beginning balance in the occounts payable account is $258,000 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. Prepare a Merchandise Purchases Budget for November and December