Cape Cod Corporation is a wholesaler of marine supplies. Data regarding the store's operations follow: .Sales are budgeted at $430,000 for November, $440,000 for December, and $420,000 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 75% of sales. The company desires an ending merchandise Inventory equal to 20% of the cost of goods sold in the for merchandise is made 100% in the month following the purchase. The November beginning balance in the accounts receivable account is $78,000. The November beginning balance in the accounts payable account is $265,000. 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 Merchandise Purchases Budget for November and December. Merchandise Purchases Budget Cost of goods sold Total needs Required purchases November December 0 0 $ 0 $ 0 < Required A Required