Tu (b) Explain how casli Vue Qurchases are as follows. udgeted D.M. Purchases 0 000 36,000 expected E23-17 Nieto Company's budgeted sales and direct materials purchases ar ents. 22 o January $30,000 $200,000 36,000 og Februarybobr220,000 March 250,000000 3 8,000 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the sale, 50% in the month following sale, and 36% in the second month following en uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on are paid 40% in the month of purchase, and 60% in the month following purchase 14 Instructions DES (a) Prepare a schedule of expected collections from customers for March. (b) Prepare a schedule of expected payments for direct materials for March. 10% in the month of following sale; 4% are urchases on account