Below is a schedule of the expected sales and materials purchases for a company in 2020:

Sales are 35% cash and 65% credit. Credit sales are collected 20% in the month of sale, 25% in the month following sale, and 45% in the second month following sale; 10% are uncollectible. Purchases are 60% cash and 40% on account. Purchases on account are paid 60% in the month of purchase, and 40% in the month following purchase. The company is expecting to collect $4,000,000 in cash from customers in Q1. Instructions a) Prepare a schedule of expected collections from customers for January, February & March b) Did the company meet the cash collection requirement in Q1. By how much did the company miss or exceed their goal? c) Prepare a schedule of expected payments for direct materials for January, February, & March

Sales Materials Purchases November 1,500,000 675,000 December 950,000 600,000 January 1,300,000 700,000 February 1,450,000 750,000 March 1,600,000 800,000