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

Nieto Companys budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January

Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $257,000 $32,700 February 277,200 37,500 March 297,900 51,500 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
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ReportAnswer #1
Nieto Company
Expected collections from customers Calculation
Req A March March
March Cash sales          89,370 =297,900*30%
Jan Credit sales collections          64,764 =257,000*70%*36%
Feb Credit sales collections          97,020 =277,200*70%*50%
March Credit sales collections          20,853 =297,900*70%*10%
Total collections       272,007
Expected payments for Direct Materials
Req B March March
March Cash Purchases          25,750 =51,500*50%
Feb Credit Purchases payments          11,250 =37,500*50%*60%
March Credit Purchases payments          10,300 =51,500*50%*40%
Total payments          47,300
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