Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow. Sales are budgeted at $450,000 for November. $460,000 for December and $440,000 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 75% 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 $80,000. The November beginning balance in the accounts payable account is $267.000. 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 > 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 November December Merchandise Purchases Budget Cost of goods sold Total needs Required purchases