Bonita Company's budgeted sales and direct materials purchases follow. January was the first month of operations Budgeted sales January $140,000: February $189,100, March $252.100 Budgeted direct materials purchases: January $39.800, February $35,400: March $39,600 Bonita's sales are 35% cash and 65% credit. It collects credit sales -40% in the month of sale, 60% in the month following the sale Bonita's purchases are 40% cash and 60% on account. It pays purchases on account 60% in the month of purchase, and 40% in the month following purchase Prepare a schedule of expected collections for January, February, and March Collections Cash sales Collections of credit sales January sales February sales March sales Total collections Bonita Company Expected Collections January February March Prepare a schedule of expected payments for direct materials for January February and March Payments Cash purchases Payment of credit purchases January purchases February purchases March purchases Total payments Bonita Company Expected Payments January February March