E10.29 (LO_4) NIU Company's budgeted sales and direct materials purchases are as follows Prepare schedules of expected collections and payments Budgeted Sales Budgeted Direct Materials Purchases January $190,000 $30,000 February 210,000 35,000 March 300,000 45,000 NIU's sales are 40% cash and 60% credit. It collects credit sales 10% in the month of sale. 50% in the month following sale, and 38% in the second month following sale: 4% are uncollectible. NIU's purchases aro 50% cash and 50% on account. It pays purchases on account 60% in the month of purchase, and 40% in the month following purchase. Instructions a. Prepare a schedule of expected collections from customers for March b. Prepare a schedule of expected payments for direct materials for March