Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow Sales are budgeted at $280,000 for November, $290,000 for December, and $270,000 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 $63,000. The November beginning balance in the accounts payable account is $250,000. 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 ARequired 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 0 Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow Sales are budgeted at $280,000 for November, $290,000 for December, and $270,000 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 $63,000. The November beginning balance in the accounts payable account is $250,000. 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 ARequired B Prepare a Merchandise Purchases Budget for November and December. Merchandise Purchases Budget November December Cost of goods sold Total needs Required purchases