Capp Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $320,000 for November, $330,000 for December, and $310,000 for January. Collections are expected to be 40% in the month of sale, 59% in the month following the sale, and 1% uncollectible. The cost of goods sold is 75% of sales. The company desires an ending merchandise inventory equal to 20% of the following month's cost of goods sold. 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 $254,000.

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Capp Corporation Schedule of Expected Cash Collections November December Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales $320000 330000 67000 128000 188800 132000 Total cash collections 195000 320800 b. Prepare a Merchandise Purchases Budget for November and December. (Input all amounts as positive values. Omit the "$" sign in your response.) Capp Corporation Merchandise Purchases Budget November $240000 49500 December 247500 Budgeted cost of goods sold Add Desired ending merchandising inventory Total needs Deduct # |: | Beginning merchandise inventory Required purchase Check my wo