Current Attempt in Progress Paddu Company's budgeted sales and direct materials purchases follow. January was the first month of operations. Budgeted sales: January $140,700; February $189,700; March $247,800 Budgeted direct materials purchases: January $39,700; February $35,000; March $39,800 Paddu'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. Paddu'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. Paddu Company Expected Collections Prepare a schedule of expected collections for January, February, and March. Paddu Company Expected Collections January February March Collections: $ $ $ $ Cash sales Collectio credit sales: January sales II February sales March sales $ HA $ $ Total collections Prepare a schedule of expected payments for direct materials for January, February and March. Paddu Company Expected Payments January February March Payments: $ $ $ GA $ Cash purchases Payment of credit purchases: January purchases February purchases March purchases $ Total payments $