Exercise 21-17 Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted D.M Purchases Budgeted Sales $39,600 $278,100 January February 307,100 42,900 March 283,600 42,000 Nieto'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. Nieto'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. (Round answers to 0 decimal places, e.g. 2,500.) NIETO COMPANY Expected Collections from Customers March Total collections (b) Prepare a schedule of expected payments for direct materials for March. (Round answers to 0 decimal places, e.g. 2,500.) NIETO COMPANY Expected Payments for Direct Materials March Total payments LINK TO TEXT VIDEO: SIMILAR EXERCISE