Current Attempt in Progress Nieto Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales Budgeted D.M. Purchases $237,000 $36,500 227,300 43,100 284,800 Nieto'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. Nieto'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) Prepare a schedule of expected collections from customers for March. (b) March cash sales Total collections NIETO COMPANY Expected Collections from Customers 42,900 > Total payments $ Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March $ $ 85,440 March