1. Omar Inc. manufactures an advanced swim fin for scuba divers. Management is now preparing detailed budgets for the third quarter, July through September, and has assembled the following information to assist in preparing the budget. The marketing department has estimated sales in units as follows for the remainder of the year. Sales in units July 6,000 August 7,000 September 5,000 Quarter 4,000 a. The selling price of the swim fins is $35 per pair. b. All sales are on account. Based on the experience, the company has learned that 40% of a month of sales are collected in the month of sale, another 50% are collected in the month following sale, and the remaining 10% are collected in the second month of sale. May sales totaled $ 147,000 and June Sales $122,500. You are required to prepare the following budgets 1. Budgeted sales in Dollars. 2. Schedule of Expected cash collection Schedule of Expected cash collection July August September Quarter Expected cash collections July August September Quarter