Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Bdtd D.M. Purchases January February March $280,000 287,600 332,000 $39,500 44,100 40,600 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. Nietos 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. Prepare a schedule of expected collections from customers for March. NIETO COMPANY Expected Collections from Customers March Total collections Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March Total payments February cash sales Collection of March credit sales March cash purchases January cash sales March cash sales Collection of February credit sales Collection of January credit sales Payment of March credit purchases Payment of February credit purchases