Concord Company's budgeted sales and direct materials purchases are as follows. Budgeted Budgeted D.M. Sales Purchases January $224,000 $33.600 February 246,400 40,320 March 280.000 42.560 13 Concord's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale. 50% in the month following sale. and 36% in the second month following sale: 4% are uncollectible. Concord's purchases are 50% cash and 50% on account Purchases on account are paid 40% in the month of purchase and 60% in the month following purchase. Prepare a schedule of expected collections from customers for March CONCORD COMPANY Schedule of Expected Collections from Customers March De Total collections (b) Prepare a schedule of expected payments for direct materials for March CONCORD COMPANY Schedule of Expected Payments for Direct Materials March Total payments 5