Sheridan Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $228,000 250.800 285,000 Budgeted D.M. Purchases $34,200 40,700 44,000 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 > Total collections $ (b) Prepare a schedule of expected payments for direct materials for March. SHERIDAN COMPANY Expected Payments for Direct Materials March $