Exercise 23-17 Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales January February March $273,400 242,200 344,100 Budgeted D.M. Purchases $30,300 37,600 46,500 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. Prepare a schedule of expected collections from customers for March. (Round answers to o 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 o decimal places, e.g. 2,500.) NIETO COMPANY Expected Payments for Direct Materials Total payments