Crane Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases...

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Crane Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $212,000 $31,800 February 233,200 38,160 March 265,000 40,280 Crane'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. Crane'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. CRANE COMPANY Schedule of Expected Collections from Customers Total collections > $ March (b) Prepare a schedule of expected payments for direct materials for March. CRANE COMPANY Schedule of Expected Payments for Direct Materials March Total payments Crane Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $212,000 $31,800 February 233,200 38,160 March 265,000 40,280 Crane'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. Crane'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. CRANE COMPANY Schedule of Expected Collections from Customers Total collections > $ March (b) Prepare a schedule of expected payments for direct materials for March. CRANE COMPANY Schedule of Expected Payments for Direct Materials March Total payments

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