Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow:

• Sales are budgeted at $270,000 for November, $280,000 for December, and $260,000 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 75% of sales.
• The company desires an ending merchandise inventory equal to 45% 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 $62,000.
• The November beginning balance in the accounts payable account is $249,000.

Required:

a. Prepare a Schedule of Expected Cash Collections for November and December.

b. Prepare a Merchandise Purchases Budget for November and December.

Please answer ALL required! Thank you!

Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: - Sales are budgeted at $270,000 for November, $280,000 for December, and $260,000 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 75% of sales. - The company desires an ending merchandise inventory equal to 45% 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 $62,000. - The November beginning balance in the accounts payable account is $249,000. 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. Prepare a Schedule of Expected Cash Collections for November and December