Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $ 239,000 $32,800 February 220,500 48,300 March 255,600 52,200 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) (a) Prepare a schedule of expected collections from customers for March. NIETO COMPANY Expected Collections from Customers March Collection of March credit sales $ 76680 March cash sales 77175 Payment of February credit purchases 77175 Collection of January credit sales 60228 Total collections 231975 (b) Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March Payment of March credit purchases 26100 March cash purchases 10440 Payment of February credit purchases 14490 Total payments $ 51030