Nieto Company's budgeted sales and direct materials purchases are as follows Budgeted Sales Budgeted D.M....
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Nieto Company's budgeted sales and direct materials purchases are as follows Budgeted Sales Budgeted D.M. Purchases January $278,000 $39,600 February 307,100 42,900 March 283,600 42.000 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 NIETO COMPANY Expected Collections from Customers March (b) Prepare a schedule of expected payments for direct materials for March NIETO COMPANY Expected Payments for Direct Materials March
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