Caprice Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $460,000 for November, $470,000 for December, and $450,000 for January. Collections are expected to be 55% in the month of sale, 42% in the month following the sale, and 3% uncollectible. . The cost of goods sold is 60% of sales. * The company desires an ending merchandise inventory equal to 35% 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 $81,000. g balance in the accounts payable account is $268,000. Required: a. Prepare a Schedule of Expected Cash Collections for November and December. CAPRICE CORPORATION Schedule of Expected Cash Collections November December Sales Schedule of Expected Cash Collection:s Accounts receivable November sales December sales Total cash collections 0 b. Prepare a Merchandise Purchases Budget f or November and December. (Input al amounts as positive values.) CAPRICE CORPORATION Merchandise Purchases Budget November December Budgeted cost of goods sold Total needs Required purchase