Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow. Saved . Sales are budgeted at $310,000 for November $320,000 for December, and $300,000 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 60% 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 $66,000 The November beginning balance in the accounts payable account is $253,000 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 $ 310,000 $ 320,000 Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales tal cash collections $ 66,000 139,500 $ $ 170,500 144,000 314,500 205,500 $ Raould