Yes, this is the right software to do this.
First you have to make the proper settings in Options - Current drawing preferences. I have prepared a template in inches according to your specifications. That's quicker than to explain everything. Delete the sample contents to make your own drawing and then save under a new name. Study the above mentioned settings I have made, you may experiment with changes. 'General scale 120' stands for 1" = 10', equivalent to 1:120. If you change the scale you would also have to change the page border box accordingly.