Caprice Corporation is a wholesaler of industrial goods. Data regarding the stores operations follow Sales are budgeted at $320,000 for November, $330,000 for December, and $310,000 for January Colections 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 ening merchandise inventory equal to 20% of the cost of goods sold in the following month. Payment or merchandise is made in the month folom the purhase o The November beginning balance in the accounts receivable account is $67,000 The November beginning balance in the accounts payable account is $254,000 Required: a. Prepare a Schedule of Expected Cash Collections for November and December Schedule of Expected Cash Collections Sales Schedule of Expected Cash Collections Accounts receivatle November sales December sales Total cash colections b. Propare a Merchandise Purchases Budget for November and December Merchandise Purchases Budget Cost of goods soid Total needs Required purchases