Capes 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. November December Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections $ Required B > Complete this question by entering your answers in the tabs below. Required A Required B Prepare a Merchandise Purchases Budget for November and December. November December Merchandise Purchases Budget Cost of goods sold Total needs Required purchases 0 $