Current Attempt in Progress Crane Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $212.000 $31,800 February 233.200 38,160 March 265,000 40.280 Crane'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. Crane'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. (a) March -/6 (a) Prepare a schedule of expected collections from customers for March. CRANE COMPANY Schedule of Expected Collections from Customers March $ > > Total collections $ (b) Prepare a schedule of expected payments for direct materials for March. CRANE COMPANY Schedule of Expected Payments for Direct Materials March > v Total payments e Textbook and Media