es Milo Company manufactures beach umbrellas. The company is preparing budgets for the third quarter and assembled the following information: a. The Marketing Department estimated unit sales as follows for the remainder of the year: July August September 39,000 October 29,000 88,000 November 15,500 16,000 57,000 December The selling price of the beach umbrellas is $15 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 5% uncollectible: Sales for June totaled $555,000. c. 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 ending inventory of Gilden 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 30 September 30 92,700 feet ? feet e. Gilden costs $0.80 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 $66,920. - manner - effet me sex ending inventory of Gilden 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 30 September 30 92,700 feet ? feet e. Gilden costs $0.80 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 $66,920. 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. Required 11 Required 2 Required 3 Required 4 and 5 Required 6 Calculate the estimated sales, by month and in total, for the third quarter. Budgeted sales July August September Quarter Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 and 5 Required 6 Calculate the expected cash collections, by month and in total, for the third quarter. Total cash collections July August September Quarter Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 and 5 Required 6 Calculate the estimated quantity of beach umbrellas that need to be produced in July, August, Sept July August September October Required production in units < Required 2 Required 4 and 5 > Complete this question by entering your answ Required 1 Required 2 Required 3 Required 4 and 5 Required 6 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. Total units of raw materials to be purchased Cost of raw materials to be purchased July August September < Required 3 Required 6 > Quarter rences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 and 5 Required 6 Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the third quarter. Total cash disbursements July August September Quarter