Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $390,000 for November, $360,000 for December, and $340,000 for January. Collections are expected to be 85% in the month of sale, 10% in the month following the sale, and 5% uncollectible. The cost of goods sold is 80% of sales. the company purchases 40% of its merchandise in the month prior is sale and 60% in the month of sale Payment for merchandise is made the month following the purchase. The November beginning balance in the accounts receivable account is $77,000. The November beginning balance in the accounts payable account is$320,000. Required: a Prepare a Schedule of Expected Cash Collections for November and December. Prepare a Merchandise Purchases Budget for November and December