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 March $ Total collections 5 (b) Prepare a schedule of expected payments for direct materials for March. SHEFFIELD COMPANY Schedule of Expected Payments for Direct Materials March $ Total payments $