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Question 23 Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $300,000 for November, $310,000 for December, and $290,000 for January. Collections are expected to be 50% in the month of sale and 50% in the month following the sale. The cost of goods sold is 70% of sales. The company desires an ending merchandise inventory equal to 30% of the cost of goods sold in the following month. Payme for merchandise is made in the month following the purchase. The November beginning balance in the accounts receivable account is $65,000. The November beginning balance in the accounts payable account is $252,000. Required: a. Prepare a Schedule of Expected Cash Collections for November and December. b. Prepare a Merchandise Purchases Budget for November and December. Complete this question by entering your answers in the tabs below. Required A Required B Required A Required B Prepare a Schedule of Expected Cash Collections for November and December. November December Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections Required B > Complete this question by entering your answers in the tabs below. Required A Required B Prepare a Merchandise Purchases Budget for November and December. November December Merchandise Purchases Badget Cost of goods sold Total needs Required purchases