Shelia’s Sales Corporation is a wholesaler of industrial goods. Data regarding the store’s operation

Shelia’s Sales 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 folowing 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.A.) Prepare a schedule of expected cash collections for November and December.B.) Prepare a Merchandise Purchases Budget for November and December.