2 Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation: a. The Marketing Department has estimated sales as follows for the remainder of the year (in units): July August 85,000 November 14,000 September 54,000 December 14, 500 37,500 October 27,500 The selling price of the beach umbrellas is $12 per unit. b. All sales are on account. Based on past experience, sales are collected in the following pattern: 30% in the month of sale 65% in the month following sale 58 uncollectible Sales for June totaled $408,000. C. The company maintains finished goods inventories equal to 15% of the following month's sales. This requirement will be met at the d. Each beach umbrella requires 4 feet of Gilden, a material that is sometimes hard to acquire. Therefore, the company requires that end of June. the ending inventory of Gilden be equal to 50% of the following month's production needs. The inventory of Gilden on hand at the beginning and end of the quarter will be: Complete this question by entering your answers in the tabs below Req 1 Reg 3 Req 4 and 5 Req6 Calculate the expected cash collections, by month and in total, for the third quarter. July August SeptemberQuarter Total cash collections Req 1 Req 3> Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 and 5 Req 6 Calculate the estimated quantity of beach umbrellas that need to be produced in July, August, September, and October. July August September October Required production in units Req 2 Req 4 and 5 Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3Req 4 and 5Req 6 Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the third quarter. July August September Quarter Total cash disbursements Req 4 and 5 Req 6