Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are 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 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 $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 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 $ 330,000 December $ 340,000 $ Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections 68,000 255,000 1 $ 255,000 85,000 340,000 S 323,000 $ Required A Required B Required A Required B Prepare a Merchandise Purchases Budget for November and December November December Merchandise Purchases Budget Cost of goods sold Total needs 01 Required purchases OS