is that correct?

Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $390,000 for November, $400,000 for December, and $380,000 for January. Collections are expected to be 55% in the month of sale and 45% in the month following the sale. The cost of goods sold is 80% of sales. The company desires an ending merchandise inventory equal to 35% 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 $74,000. The November beginning balance in the accounts payable account is $261,000. 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 Merchandise Purchases Budget for November and December. Merchandise Purchases Budget Cost of goods sold Add: Desired ending merchandise inventory Total needs Less: Beginning merchandise inventory Required purchases November December $ 312,000 $ 320,000 112,000 106,400 424,000 426,400 109.2001 112.000 $ 314,800 $ 314,400 Required A Required B