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 $370,000 for November, $380,000 for December, and $360,000 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 70% 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 $72,000. - The November beginning balance in the accounts payable account is $259,000. 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 Merchandise Purchases Budget for November and December