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Question 3 (10 MARKS) Caprice Corporation is a wholesaler of industrial goods. Data regarding the...

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Question 3 (10 MARKS) Caprice Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: . Sales are budgeted at $350,000 for November, $320,000 for December, and S300,000 for January. . Collections are expected to be 80% in the month of sale, 16% in the month following the sale, and 4% uncollectible. The cost of goods sold is 70% of sales. The company desires an ending merchandise inventory equal to 60% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. . The November depreciation is $48,000. The November estimated tax payable is $78,000. Selling and administrative expenses will amount to $100,000 per month

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