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 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. Sales Schedule of Expected Cash Collections Accounts receivable November sales November December December sales Total cash collections $ 0 $ Required B > 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 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. Merchandise Purchases Budget Cost of goods sold Total needs Required purchases November December 0 S 0