Sheridan Company's budgeted sales and direct materials purchases are as follows.

Sheridan'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. Sheridan'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.

SHERIDAN COMPANY

Schedule of Expected Collections from Customers

March

$

Total collections

$

$($b$)$

Prepare a schedule of expected payments for direct materials for March.

SHERIDAN COMPANY

Schedule of Expected Payments for Direct Materials

March

$

Total payments

$