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Nieto Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $266,000 286,100 251.900 Budgeted D.M. Purchases $35,000 49,400 38,500 Nieto's sales are 30% cash and 70% 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. 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. (a) Prepare a schedule of expected collections from customers for March NIETO COMPANY Expected Collections from Customers March Total collections (b) Prepare a schedule of expected payments for direct materials for March NIETO COMPANY Expected Payments for Direct Materials March Total payments e Textbook and Media Attempts: 0 of 3 use Save for Later