Collections are expected to be 80% in the month of sale, 16% in the month following the sale, and 4% uncollectible.The cost of goods sold is 70% of sales.The company purchases 60% of its merchandise in the month prior to the month of sale and 40% in the month of sale. Payment for merchandise is made in the month following the purchase.The November beginning balance in the accounts receivable account is $78,000.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.(b.) Prepare a Merchandise Purchases Budget for November and December.