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Milo Company manufactures beach umbrellas. The company is now 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): The selling price of the beach umbrellas is $12 per unit. Sales in June were 43,000 units. b. All sales are on account. On the basis of past experience, sales are collected in the following pattecn: c. The company maintains finished goods iriventories equal to 15\% of the following mqnth's sales. This requirement will be met at the end of June. d. Each beach umbrella requires 4 metres of Gilden, a material that is sometimes hard to get. Therefore, the company requires that the inventory of Gilden on hand at the end of each month be equat to 50% of the following month's production needs. The inventory of Gilden on hand at the beginning and ond of the quarter will be as follows: 1. Each beach umbrella requires 4 metres of Gliden, a material that is sometimes hard to get. Therefore, the company requires that the inventory of Gilden on hand at the end of each month 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 as follows: e. Gilden costs $0.80 per metre. One-half of a month's purchases of Giden are poid for in the month of purchase; the remainder are paid for in the following month. The accounts payable on July 1 for purchases of Gilden during June will be $94,000. Milo Company manufactures beach umbrellas. The company is now 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): The selling price of the beach umbrellas is $12 per unit. Sales in June were 43,000 units. b. All sales are on account. On the basis of past experience, sales are collected in the following pattecn: c. The company maintains finished goods iriventories equal to 15\% of the following mqnth's sales. This requirement will be met at the end of June. d. Each beach umbrella requires 4 metres of Gilden, a material that is sometimes hard to get. Therefore, the company requires that the inventory of Gilden on hand at the end of each month be equat to 50% of the following month's production needs. The inventory of Gilden on hand at the beginning and ond of the quarter will be as follows: 1. Each beach umbrella requires 4 metres of Gliden, a material that is sometimes hard to get. Therefore, the company requires that the inventory of Gilden on hand at the end of each month 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 as follows: e. Gilden costs $0.80 per metre. One-half of a month's purchases of Giden are poid for in the month of purchase; the remainder are paid for in the following month. The accounts payable on July 1 for purchases of Gilden during June will be $94,000