Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow Sales are budgeted at $280,000 for November, $290,000 for December, and $270,000 for January Collections are expected to be 60% in the month of sale and 40% in the month following the sale. The cost of goods sold is 80% of sales The company desires an ending merchandise inventory equal to 40% 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 $63,000 The November beginning balance in the accounts payable account is $250,000 Required: a. Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and Deromhar 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 Required B Prepare a Merchandise Purchases Budget for November and December November December Merchandise Purchases Budget Cost of goods sold Total needs 0 (Required purchases 0 S