Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow. Sales are budgeted at $230,000 for November, $240,000 for December, and $220,000 for January Collections are expected to be 50% in the month of sale and 50% in the month following the sale. The cost of goods sold is 80% of sales. The company desires an ending merchandise inventory equal to 30% 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 $58,000 The November beginning balance in the accounts payable account is $245,000. 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 230,000 December 240,000 Sales S Schedule of Expected Cash Collections Accounts receivable $ 58,000 115.000 November sales $ 115,000 December sales 120.000 Total cash collections $ 173,000 $ 235,000