Assignment Question for Chapter 9: PROAL. 9 P -11 Integration of Sales, Prodaction, and Direct Materiats Budgets [[4, LO2] Milo Company manufactures beach umbrellas. The company is preparing detailed budjets for the third quarter and has assembled the following information to askist in the budget preparation: a. The Marketing Departmeat has estimated sales as fotlows for the remainder of the year (in units): The selling price of the umbrellas is $12 each. b. All sales are on account. Based on past experience, sales are expected to be collected in the following pattern: aes sor dune were s.09,000. c. The company maintains Anisked goods inentories equal to 15% of the following month's sales. This requirement will be met at the end of June. 4. Each beach umbrella requires 1 metre of Oilden, a material that is sometimes hard to acquire. Therefore, the company requires that the ending inventory of Olden be equal to 50k of the following month's production needs. The inventory of Gilden on hand at the beginning of the quarter is 15,000 metres. e. Olden costs $3.20 per metre. Onebatf of a month's purchases of Oilden is paid for in the month of purchase, the remainder is paid for in the following month. The aceounts payable on July 1 for purchases of Oilden during June will be $76,000. Required 1. Calcelate the ertimated sales, by month and in total, for the third quarter. 2. Calculate the expected cash collections, by moath and in total, for the third quarter. 3. Calculate the ertimated quaatity of beach umbrellas that need to be produced in July. August, Stptember, and October. 4. Calculate the quantity of Oilden (in metres) that needs to be purchased, by moath and in total, for the third quartec. 5. Calculate the cost of the raw material (Oiden) purchases, by month and in total, for the third quarter