Bonita Company's budgeted sales and direct materials purchases follow. January was the first month of operations. Budgeted sales: January $140,800; 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 payments for direct materials for January, February and March. Bonita Company Expected Payments January February March Payments: Cash purchases to Payment of credit purchases: January purchases February purchases March purchases Total payments $ $ $Prepare a schedule of expected collections for January, February, and March. Bonita Company Expected Collections January February March Collections: Cash sales to $ to Collections of credit sales: January sales February sales March sales Total collections $ $ $