Sherin Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: . . Sales are budgeted at $240,000 for November, $250,000 for December, and $230,000 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 75% of sales. The company desires an ending merchandise inventory equal to 25% of the cost of goods sold in the following mo Payment for merchandise is made in the month following the purchase. The November beginning balance in the accounts receivable account is $59,000. The November beginning balance in the accounts payable account is $246,000. Required: LO# 5 EXCEL a. Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and December.