Capp Corporation Is a Wholesaler of Industrial Goods $\bullet$ Sales Are Budgeted at $350,000 for November,$360,000 for December,and $340,000

Capp Corporation is a wholesaler of industrial goods.Data regarding the store's operations follow:
$\bullet$ Sales are budgeted at $350,000 for November,$360,000 for December,and $340,000 for January.
$\bullet$ Collections are expected to be 60% in the month of sale,39% in the month following the sale,and 1% uncollectible.
$\bullet$ The cost of goods sold is 75% of sales.
$\bullet$ 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.
$\bullet$ The November beginning balance in the accounts receivable account is $70,000.
$\bullet$ 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.
b.Prepare a Merchandise Purchases Budget for November and December.