Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow Sales are budgeted at $410,000 for November, $420,000 for December, and $400,000 for January Collections are expected to be 65% in the month of sale and 35% in the month following the sale. The cost of goods sold is 60% of sales. The company desires an ending merchandise inventory equal to 45% of the cost of goods sold in the following month. Pay for merchandise is made in the month following the purchase. The November beginning balance in the accounts receivable account is $76,000. The November beginning balance in the accounts payable account is $263,000 Required: a. Prepare a Schedule of Expected Cash Collections for November and December. b. Prepare o 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 $ 05 0 Required: a. Prepare a Schedule of Expected Cash Collections for November and Dec 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 November December Total needs 0 0 Required purchases S 0 $ 0