Question

Nieto Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $261,000 $39,300 February 250,800 43,300 March 344,000 44,000 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. (Round answers to 0 decimal places, e.g. 2,500.)NIETO COMPANYExpected Collections from Customers MarchMarch cash salesCollection of March credit salesCollection of February credit salesCollection of January credit salesJanuary cash salesPayment of February credit purchasesFebruary cash salesMarch cash purchasesPayment of March credit purchases $Collection of January credit salesJanuary cash salesCollection of March credit salesCollection of February credit salesMarch cash purchasesPayment of March credit purchasesFebruary cash salesMarch cash salesPayment of February credit purchasesPayment of March credit purchasesCollection of February credit salesCollection of January credit salesFebruary cash salesJanuary cash salesMarch cash purchasesMarch cash salesPayment of February credit purchasesCollection of March credit salesMarch cash purchasesMarch cash salesPayment of February credit purchasesCollection of March credit salesCollection of February credit salesCollection of January credit salesPayment of March credit purchasesFebruary cash salesJanuary cash salesTotal collections $(b) Prepare a schedule of expected payments for direct materials for March. (Round answers to 0 decimal places, e.g. 2,500.)NIETO COMPANYExpected Payments for Direct MaterialsMarchCollection of January credit salesFebruary cash salesMarch cash purchasesPayment of March credit purchasesPayment of February credit purchasesJanuary cash salesMarch cash salesCollection of March credit salesCollection of February credit sales $Collection of January credit salesMarch cash salesFebruary cash salesCollection of March credit salesCollection of February credit salesMarch cash purchasesJanuary cash salesPayment of February credit purchasesPayment of March credit purchasesCollection of February credit salesPayment of March credit purchasesCollection of January credit salesMarch cash salesPayment of February credit purchasesMarch cash purchasesCollection of March credit salesFebruary cash salesJanuary cash salesTotal payments $

Answer 1

Answer:

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Explanation: