Paddu Company's budgeted sales and direct materials purchases follow. January was the first month of operations. Budgeted sales: January $140,700; February $190,800; March $249,800 Budgeted direct materials purchases: January $39,600; February $34,900; March $39,700 Paddu's sales are 35% cash and 65% credit. It collects credit sales 40% in the month of sale, 60% in the month following the sale. Paddu's purchases are 40% cash and 60% 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 for January, February, and March. Paddu Company Expected Collections February January March Collections: $ Cash sales Collections of credit sales: January sales February sales March sales $ Total collections Prepare a schedule of expected payments for direct materials for January, February and March. Paddu Company Expected Payments February January March Payments: $ $ $ Cash purchases Payment of credit purchases: January purchases February purchases March purchases $ $ $ Total payments