Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $400,000 for November, $410,000 for December, and $390,000 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 75% 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. lovember beginning balance in the accounts receivable account is $75,000 The November beginning balance in the accounts payable account is $262.000. Required: a. Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and December Required A Required 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 Required A Required B Prepare a Merchandise Purchases Budget for November and December. November December Merchandise Purchases Budget Cost of goods sold Total needs Required purchases