Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow:

• Sales are budgeted at $300,000 for November, $310,000 for December, and $290,000 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 70% 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 $65,000.
• The November beginning balance in the accounts payable account is $252,000.

Required:

a. Prepare a Schedule of Expected Cash Collections for November and December.

b. Prepare a Merchandise Purchases Budget for November and December.

Pls noted with calculation steps, thx!

Prepare a Schedule of Expected Cash Collections for November and December. Prepare a Merchandise Purchases Budget for November and December