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

Sales are budgeted at $490,000 for November, $460,000 for December, and $440,000 for January.

Collections are expected to be 85% in the month of sale and 15% 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.

The November beginning balance in the accounts receivable account is $67,000.

The November beginning balance in the accounts payable account is $380,000.

Required:

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

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

* * * Please organize your answer in schedule ****