Moorcroft Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases April $295,000 $44,000 May 294,000 52,000 June 355,000 61,000 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. (a) Prepare a schedule of expected collections from customers for June. Moorcroft Company Schedule of Expected Collections from Customers Sales April May April $ May June Total Collections $ $ Moorcroft Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases April $295,000 $44,000 May 294,000 52,000 June 355,000 61,000 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. (a) Prepare a schedule of expected collections from customers for June. Moorcroft Company Schedule of Expected Collections from Customers Sales April $ May June