Ch 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 September 38, eee 86,eee 55, eee October November December 28, eee 14,500 15, eee The selling price of the beach umbrellas is $13 per unit. b. All sales are on account (.e., on credit) and sales for June totaled $455,000. Based on past experience, sales are collected in the following pattern 3es in the month of sale E5in the month following sale 55 uncollectible The company maintains finished goods inventories equal to 15% of the following month's sales. This requirement will be met at the end of June d. Each beach umbrella requires 4 feet of Gilden, a material that is sometimes hard to acquire. Therefore, the company requires that 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: June 3e September 30 90, 480 feet ? feet e Gilden costs $0.60 per foot. One-half of a month's purchases of Gilden is paid for in the month of purchase the remainder is paid for in the following month. The accounts payable on July 1 for purchases of Gilden during June will be $48,390 (1.e., this is the amount of June Gliden purchases that have not been paid for at the end of June.) e. Gilden costs $0.60 per foot. One-half of a month's purchases of Gilden is paid for in the month of purchase, the remainder is paid for in the following month. The accounts payable on July 1 for purchases of Gilden during June will be $48,390. (.e, this is the amount of June Gliden purchases that have not been paid for at the end of June.) Required: 1. Calculate the estimated sales, by month and in total; for the third quarter 2. Calculate the expected cash collections, by month and in total, for the third quarter 3. Calculate the estimated quantity of beach umbrellas that need to be produced in July August September, and October 4. Calculate the quantity of Gilden (in feet) that needs to be purchased by month and in total, for the third quarter. 5. Calculate the cost of the raw material (Gilden) purchases by month and in total, for the third quarter 6. Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the third quarter Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3 Req 4 and 5 Req 6 Calculate the estimated sales, by month and in total, for the third quarter. July August September Quarter Budgeted sales Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3 Req 4 and 5 Req 6 Calculate the expected cash collections, by month and in total, for the third quarter. July August September Quarter Total cash collections Complete this question by entering your answers in the tabs below. 5 Reg 1 Reg 2 Req3 Req 4 and 5 Reg 6 Calculate the estimated quantity of beach umbrellas that need to be produced in July, August, September, July August September October Required production in units Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4 and 5 Req 6 Calculate the quantity of Gilden (In feet) that needs to be purchased by month and in total, for the third quarter. Calculate the cost of the raw material (Gilden) purchases by month and In total, for the third quarter. (Round your Unit cost of raw materials to 2 decimal places.) July August September Quarter Total units of raw materials to be purchased Cost of raw materials to be purchased Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req3 Req 4 and 5 Reg 6 Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the third quarter. July August September Quarter Totalash disbursements