Question 14 Nieto Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $217,000 270,000 330,400 Budgeted D.M. Purchases $38,200 48,400 48,200 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; 44% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases an 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 Total collections (b) Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March Total payments