Sheridan Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $219,000 February 235,800 March 337,600 $34,300 41.600 45,000 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 Expected Collections from Customers March (a) Prepare a schedule of expected collections from customers for March. SHERIDAN COMPANY Expected Collections from Customers (b) Total collections $ March Prepare a schedule of expected payments for direct materials for March SHERIDAN COMPANY Expected Payments for Direct Materials March (b) Prepare a schedule of expected payments for direct materials for March. SHERIDAN COMPANY Expected Payments for Direct Materials March Total payments