E24.17 Nieto Company's budgeted sales and direct mateirals purchases are as follows. January February March Budgeted Sales $200,000 $220,000 $250,000 Budgeted DM Purchases $30,000 $36,000 $38,000 Nieto's sales are 30% of cash and 70% credit. Credit sales are collected 10% in the month of of sale, 50% in the month following sale, an in the second month following sale; 4% are uncollectable. Nieto's purchases are 50% cash and 50% on account. Purchases on account in the month of purchase, and 60% in the month following purchases. Instructions (a) Prepare a schedule of expected collections from customers in March (b) Prepare a schedule of expected payments for direct materials for March