Sheffield Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $260,000 $39,000 February 286,000 46,800 March 325,000 49,400 Sheffield'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. Sheffield'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. SHEFFIELD COMPANY Schedule of Expected Collections from Customers (b Collection of March credit sales Payment of March credit purchases February cash sales Collection of January credit sales Payment of February credit purchases Collection of February credit sales March cash sales January cash sales P March cash purchases March for direct materials for March.