TB Problem Qu. 8-216 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 $420,000 for November, $430,000 for December, and $410,000 for January Collections are expected to be 60% in the month of sale and 40% in the month following the sale. The cost of goods sold is 70% of sales. The company desires an ending merchandise inventory equal to 40% 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 $77,000. The November beginning balance in the accounts payable account is $264,000. 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 November December Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections Prepare a Merchandise Purchases Budget for November and December November December Merchandise Purchases Budget Cost of goods sold Total needs Required purchases 0 $