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I need help with this. Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: . Sales are budgeted at $310,000

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Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: . Sales are budgeted at $310,000 for November, $320,000 for December, and $300,000 for January. . Collections are expected to be 45% in the month of sale and 55% in the month following the sale. . The cost of goods sold is 60% of sales. . The company desires an ending merchandise inventory equal to 25% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. . The November beginning balance in the accounts receivable account is $66,000. . The November beginning balance in the accounts payable account is $253,000. Required: a, Prepare a Schedule of Expected Cash Collections for November and December. b. Prepare a Merchandise Purchases Budget for November and December

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