Exercise 22-17 Your answer is partially correct. Try again. Nieto Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $215,000 253,000 262,000 Budgeted D.M. Purchases $33,800 44,500 39,200 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. NIETO COMPANY Expected Collections from Customers March 78,600 March cash sales Collection of January credit sales X 54,230 Collection of February credit sales 88,550 Collection of March credit sales 18,340 X Total collections 183,400 (b) Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March Collection of January credit sales 19,600 Payment of March credit purchases 7,840 Payment of February credit purchases 13,350 Total payments 40,790 Click if you would like to Show Work for this question: Open Show Work