Exercise 23-17 Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted D.M. anuary February March Budgeted Sales 251,100 282,800 242,600 $35,100 40,100 46,700 Neto's sales are 30% cash and 70% edit. 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