Moorcroft Company's budgeted sales and direct materials purchases are as follows: April Budgeted Sales Budgeted D.M. Purchases $313.000 $41,000 289,000 60,000 339,000 60,000 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 Prepare a schedule of expected collections from customers for June. Moorcroft Company Schedule of Expected Collections from Customers April Sales May April $ 313000 162760 93900 May 289000 i 150280 June 339000 i Total Collections 162760 244180 $ Prepare a schedule of expected collections from customers for June. Moorcroft Company Schedule of Expected Collections from Customers April May Sales June 313000 162760 93900 48828 289000 150280 86700 339000 176280 162760 $ 244180 $ 311808 Prepare a schedule of expected payments for direct materials for June. Moorcroft Company Schedule of Expected Payment for Direct Materials April May Purchases Jun April $ $ May June Total Collections $ $ $