Novak Company's budgeted sales and direct materials purchases are as follows:

		Budgeted Sales		Budgeted Direct Materials Purchases
January		$178,000		$33,000
February		214,000		37,000
March		317,000		47,000

Novak's sales are 40% cash and 60% credit. It collects credit sales 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Novak's purchases are 50% cash and 50% on account. It pays purchases on account 60% in the month of purchase, and 40% in the month following purchase.

Prepare a schedule of expected collections from customers for March.

NOVAK COMPANY Schedule of Expected Collections from Customers For the Month Ending March 31, 2022
Januarycredit sales		$enter a dollar amount
Februarycredit sales		enter a dollar amount
Marchcash sales		enter a dollar amount
Marchcredit sales		enter a dollar amount
Total expected collections from customers		$enter a total amount

Question Part Score

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Prepare a schedule of expected payments for direct materials for March.

NOVAK COMPANY Schedule of Expected Payments for Direct Materials For the Month Ending March 31, 2022
Februarycredit payments		$enter a dollar amount
Marchcash payments		enter a dollar amount
Marchcredit payments		enter a dollar amount
Total expected payments		$enter a total amount