Question 1 of 17 V ... View Policies Current Attempt in Progress Sheffield Company's budgeted sales and direct materials purchases follow. January was the first month of operations. Budgeted sales: January $139,300; February $189,900; March $251,900 Budgeted direct materials purchases: January $39,700; February $35,300; March $40,300 Sheffield'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. Sheffield'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. ENG Search US udy. . . Prepare a schedule of expected collections for January, February, and March. Sheffield Company Expected Collections January February March Collections: Cash sales to Collections of credit sales: January sales H February sales March sales to to Total collections ENG (CC. S Search CPrepare a schedule of expected payments for direct materials for January, February and March. Sheffield Company Expected Payments January February March Payments: Cash purchases Payment of credit purchases: January purchases H February purchases March purchases Total payments 64 ENG Search LO US