Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: 9 Sales are budgeted at $230,000 for November, $240,000 for December, and $220,000 for January. Collections are expected to be 50% in the month of sale and 50% in the month following the sale. The cost of goods sold is 80% of sales. . The company desires an ending merchandise inventory equal to 30% 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 $58,000 The November beginning balance in the accounts payable account is $245,000 Required: a. Prepare a Schedule of Expected Cash Collections for November and December. b. Prepare a Merchandise Purchases Budget for November and December