Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow. Sales are budgeted at $$470,000$ for November, $$480,000$ for December, and $$460,000$ for January. Collections are expected to be $60\%$ in the month of sale and $40\%$ in the month following the sale. The cost of goods sold is $70\%$ of sales. The company desires an ending merchandise inventory equal to $40\%$ of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. The November beginning balance in the accounts receivable account is $$82,000.$ The November beginning balance in the accounts payable account is $$269,000.$Required:a$.$ 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.