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Question: Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow:
Sales are budgeted at $250,000 for November, $260,000 for December, and $240,000 for January.Collections are expected to be 40% in the month of sale and 60% in the month following the sale.The cost of goods sold is 70% of sales.The company desires an ending merchandise inventory equal to 20% 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 $60,000.The November beginning balance in the accounts payable account is $247,000.
Required:
a. Schedule of Expected Cash Collections for November and December.
b. Merchandise Purchases Budget for November and December.
Is Fixed Overhead Under or Over Allocated. Indicate using U or O and include the amount of underor over-allocated overhead
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