Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $40,500 $257,000 294,900 February 37,800 50,800 March 257.100 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, 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 March cash sales Collection of January credit sales - Collection of February credit sales - Collection of March credit sales - Total collections Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March Total payments