Exercise 13-32 (Algo) Estimate Purchases and Cash Disbursements (LO 13-4,5) Midland Company buys tiles and prints different designs on them for souvenir and gift stores. It buys the tiles from a small company in Europe, so at all times it keeps on hand a stock equal to the tiles needed for three months sales. The tiles cost $1.25 each and must be paid for in cash. The company has 28,000 tiles in stock, Sales estimates, based on contracts received, are as follows for the next six months: January February March April May June 12,200 18,100 13,000 14,100 8,900 7,100 Required: o. & b. Estimato purchases (in units) and cash required to make purchases in January, February, and March MIDLAND COMPANY Merchandise Purchases Budget For the Period Ended March 31 (in units) January Fobruary Units to be purchased Estimated cost March