Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $340,000 for November, $350,000 for December, and $330,000 for January Collections are expected to be 65% in the month of sale and 35% in the month following the sale. The cost of goods sold is 75% of sales. The company desires an ending merchandise inventory equal to 45% 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 $69,000. The November beginning balance in the accounts payable account is $256,000. 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 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 01 Required purchases 0 $ 0