Question 8 Hagen Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales $300,000 January February March Budgeted D.M. Purchases $60,000 70,000 80,000 330,000 350,000 Hagen's sales are 40% cash and 50% 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. Hagen'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. Prepare a schedule of expected collections from customers for March. HAGEN COMPANY Expected Collections from Customers March March Cash Sales Collection of March Credit Sales Collection of February Credit Sales Collection of January Credit Sales Total Collections