Nieto Company's budgeted sales and direct materials purchases are as follows Budgeted DM Budgeted Sales January February March $273,800 233,300 296,500 $37,700 40,600 52.000 Nicta's sales are 30% cash and 70% credit. Credit salcs are collected 10% in the month of salc, SDX in the manthtallowing sale and 36' in the second month following salc; 4% are uncollectible Nicta'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. lay Prepare a schedule of expected collections from customers for March (Round answers to decimal places, eg 2,500) NIETO COMPANY Expected Collections from Customers March Collection of January credit sales $ 24642 Collection of March credit sales - Collection of February credit sales 9 March cash sales Total collections ib) Prepare a schedule of expected payments for direct materials for March (Round answers to decimal places, eg 2,500) NIETO COMPANY Expected Payments for Direct Materials March March cash purchases $ 9425 Payment of March credit purchases Payment of February credit purchases Total payments