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

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Cullumber Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $251.000 $35.100 February 282.800 40.100 March 342,600 46.700 Cullumber'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. Cullumber'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. CULLUMBER COMPANY Expected Collections from Customers March Total collections (b) Prepare a schedule of expected payments for direct materials for March. CULLUMBER COMPANY Expected Payments for Direct Materials March Total payments $

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