Capes Corporation is a wholesaler of industrial goods. Data regording the store 5 operations follow: - Sies ate budgeted at $220,000 for Novernber, $230,000 for December, and $210,000 for Januafy - Collections are expected to be 55% in the month of sale and 45% in the month following the sale - The cost of goods soid is 70 si of sales. - The company desires an ending merchandise inventory equal to 35% of the cost of goods sold in the following month. Payment. for merchandise is made in the month following the purchase. - The November beginning balarce in the accounts recervable account is 557,000 . - The November beginning balance in the accounts payable account is $244.000 Required: a. Prepare a Schedule of Expected Cask 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. prepare a Schedule of Expected Caah Collections for November and December. Capes Corporaton is a wholesaler of industrial goods. Data regarding the stores operations follow: - Sales are budgeted at $220,000 for November, $230.000 for December, and $210.000 for Jariuary. - Collections are expected to be 55% in the month of sale and 45% in the month following the sale. - The cost of goods sold is 70% of sales. - The campary desires an ending merchandise inventory equal to 35% of the cost of goods soid in the following morith. Payment for merchandise is made in the month following the purchase - The November beginning balance in the accounts receivable account is $57,000 - The November beginning balance in the accounts payable account is $244,000. Required: a. Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and December. Complite this question by entering your answers in the tabs below. Prepare a Merchandise Purchases Budget for November and December