Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: - Sales ore budgeted at $330,000 for November, $340,000 for December, and $320,000 for January - Collections are expected to be 60% in the month of sale and 40% in the month following the sate. - The cost of goods sold is 80% of sales - The company desires an ending merchandise inventory equal to 40% of the cost of goods soid in the following month. Payment for merchandise is made in the month following the purchase - The November beginning balance in the accounts rocelvable account is $68,000 - The November beginning balance in the accounts payable account is $255,000 Required: a. Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and Decomber. Complete this question by entering your answers in the tabs below. Propare a Schedule of Expected Cash Collections for November and Docember. 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. Prepare a Merchandise Purchases Budget for November and December