Your answer is partially correct. 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 uestion 3 of 3 2.89/3.3 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 Collection of March credit sales $ I March cash sales 1 Collection of February credit sales 100100 Collection of January credit sales 65520 Total collections $ 285870 (b) Prepare a schedule of exnected navmente for direct matut