Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $240,000 for November, $250,000 for December, and $230,000 for January. Collections are expected to be 45% in the month of sale and 55% in the month following the sale. The cost of goods sold is 75% of sales. The company desires an ending merchandise inventory equal to 25% 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 $59,000. The November beginning balance in the accounts payable account is $246,000. 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 $ 240,000 $250,000 Schedule of Expected Cash Collections Accounts receivable $ 167,000 244,500 November sales 108,000 $ 132,000 December sales 0 112,500 Total cash collections. $ 275,000 $ 489,000