Moorcroft Company's budgeted sales and direct materials purchases are as follows: April Budgeted Sales Budgeted D.M. Purchases $322,000 $47,000 342,000 48,000 336,000 63,000 May June Moorcroft's sales are 40% cash and 60% credit. Credit sales are collected 20% in the month of sale, 50% in the month following sale, and 26% in the second month following sale; 4% are uncollectible. Moorcroft's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month following the purchase and 60% in the second month following the purchase. Your answer is correct. Prepare a schedule of expected collections from customers for June. Moorcroft Company Schedule of Expected Collections from Customers April May Sales June April 322000 $ 167440 96600 50232 May 342000 177840 102600 June 336000 174720 Total Collections 167440 274440 327552 Prepare a schedule of expected payments for direct materials for June. Moorcroft Company Schedule of Expected Payment for Direct Materials April May Purchases June April May June Total Collections