TB Problem Qu. 8-201 (Algo) Capes Corporation is a wholesaler of... Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow. - Sales are budgeted at $430,000 for November, $440,000 for December, and $420,000 for January. - Collections are expected to be 40% in the month of sale and 60% in the month following the sale. - The cost of goods sold is 75% of sales. - The company desires an ending merchandise inventory equal to 20% 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 $78,000. - The November beginning balance in the accounts payable account is $265,000. 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. Prepare a Schedule of Expected Cash Collections for November and December. 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. Prepare a Merchandise Purchases Budget for November and December