5:30 PM Sun Aug 11 18%D Chapter 9 Exercise 9-17 (Video) Nieto Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $205,000 301,200 270,900 Budgeted D.M. Purchases $38,600 45,000 46,400 Nieto'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. Nieto'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 NIETO COMPANY Expected Collections from Customers March Total collections (b) Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March Total payments Click if you would like to Show Work for this question: Open Show Work