Hagen Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $300,000 330,000 350,000 Budgeted D.M. Purchases $60,000 70,000 80,000 Hagen's sales are 40% cash and 60% 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. Hagen'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. HAGEN COMPANY Expected Collections from Customers March March Cash Sales $ Collection of March Credit Sales Collection of February Credit Sales Collection of January Credit Sales Total Collections $ Prepare a schedule of expected payments for direct materials for March. HAGEN COMPANY Expected Payments for Direct Materials March March Cash Purchases $ Payment of March Credit Purchases Payment of February Credit Purchases Total Payments $