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M7 Inc. budgeted sales and direct materials purchases are as follows:
Month Budgeted Sales Budgeted Direct Material
Purchases
March $180,000 $22,000
April $205,000 $35,000
May $280,000 $43,000
Point 1: M7 Inc. sales are 30% cash and 70% credit. It collects credit sales 20% in the month of sale, 40% in the month following sale, and 35% in the second month following sale; 5% are uncollectible. M7 Inc. purchases are 40% cash and 60% on account. It pays purchases on account 60% in the month of purchase, and 40% in the month following purchase.
Required:
Question 1. schedule of expected collections from customers for May.
Question 2. schedule of expected payment for direct materials for May.
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