Current Attempt in Progress Sheffield Company's budgeted sales and direct materials purchases are as follows. Budgeted Budgeted D.M. Purchases Sales January $252,000 $37,800 February 277,200 45,360 March 315,000 47,880 Sheffield'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. Sheffield'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. SHEFFIELD COMPANY Schedule of Expected Collections from Customers March $ + + Total collections $ (b) Prepare a schedule of expected payments for direct materials for March. SHEFFIELD COMPANY Schedule of Expected Payments for Direct Materials March $ Total payments $ e Textbook and Media Save for Later Attempts: 0 of 5 used Submit