E21-17 Prepare schedules of expected collections and payments (LO 5), AP LRF Company's budgeted sales and direct materials purchases are as follows Budgeted Sales Budgeted D.M. Purchases January February March $200,000 220,000 270,000 36,000 40,000 Fs sales are 3 % cash and 70% credit. Credit sales are collected 10% u the month of sale, 50% n the month following sale, an 36% n the second month following sale 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. Instructions (a) Prepare a schedule of expected collections from customers for March (b) Prepare a schedule of expected payments for direct materials for March. are uncollectible