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 ules cost $1.00 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 17,480 13,700 13,700 9,800 7,100 Required: .. & b. Estimate 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 February March Units to be purchased Estimated cost Exercise 13-35 (Algo) Estimate Cash Collections (LO 13-5) Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable Estimated credit sales for August Actual credit sales for July Estimated collections in August for credit sales in August Estimated collections in August for credit sales in July Estimated collections in August for credit sales prior to July Estimated write-offs in August for uncollectible credit sales Estimated provision for bad debts in August for credit sales in August $ 80,000 $ 60,000 25% 70% $ 6,000 $ 4,000 $ 2,700 Required: What is the estimated amount of cash receipts from accounts receivable collections in August? Estimated cash receipts