TB Problem Qu. 8-216 (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 $460,000 for November, $470,000 for December, and $450,000 for January. .Collections are expected to be 55% in the month of sale and 45% in the month following the sale. The cost of goods sold is 60% of sales. The company desires an ending merchandise inventory equal to 35% 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 $81,000. The November beginning balance in the accounts payable account is $268,000. 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 Prepare a Schedule of Expected Cash Collections for November and December. Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections November. December Required A Required B > TB Problem Qu. 8-216 (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 $460,000 for November, $470,000 for December, and $450,000 for January. .Collections are expected to be 55% in the month of sale and 45% in the month following the sale. The cost of goods sold is 60% of sales. The company desires an ending merchandise inventory equal to 35% 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 $81,000. The November beginning balance in the accounts payable account is $268,000. 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 Prepare a Merchandise Purchases Budget for November and December. Merchandise Purchases Budget Cost of goods sold Total needs November December Required purchases < Required A Required >