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Swifty Company's budgeted sales and direct materials purchases are as follows. Swifty's sales are 30%...

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Accounting

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Swifty Company's budgeted sales and direct materials purchases are as follows. Swifty'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. Swifty'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. Prepare a schedule of expected payments for direct materials for March

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