Capp Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $350,000 for November,...

Capp Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow:•Sales are budgeted at $350,000 for November, $360,000 for December, and $340,000 for January.•Collections are expected to be 60% in the month of sale, 39% in the month following the sale, and 1% uncollectible.•The cost of goods sold is 75% of sales.•The company desires an ending merchandise inventory equal to 40% of the following month's cost of goods sold. Payment for merchandise is made in the month following the purchase.•The November beginning balance in the accounts receivable account is $70,000.•The November beginning balance in the accounts payable account is $257,000.Required: a.Prepare a Schedule of Expected Cash Collections for November and December. (Omit the "$" sign in your response.)Capp CorporationSchedule of Expected Cash Collections NovemberDecember Schedule of Expected Cash Collections November sales December sales ________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________________________b.Prepare a Merchandise Purchases Budget for November and December. (Input all amounts as positive values. Omit the "$" sign in your response.)Capp CorporationMerchandise Purchases Budget NovemberDecember : ________________________________________________________________________________ Total needs : ________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________