Question 7 of 10 < > Swifty Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $256,000 $38,400 February 281,600 46,080 March 320,000 48,640 -/3 Swifty'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. Swifty's 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. (a) Prepare a schedule of expected collections from customers for March. WATERWAY COMPANY Schedule of Expected Collections from Customers