M Question 1 - Connect Chapter . X Ear Exercises * ACCT 3224 - Mount Royal Univ x + C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/... [ # # D Update : Connect Chapter 9 i Saved Help Save & Exit Submit Check my work July 30,000 August 70,000 15 September 50,000 points October 20,000 November 10 , 000 December 10 ,000 eBook The selling price of the umbrellas is $12 each. b. All sales are on account. Based on past experience, sales are expected to be collected in the following pattern: Print 308 in the month of sale 654 in the month following sale References 58 uncollectible Sales for June were $300,000. 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 1 metre 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 of the quarter is 18,000 metres. e. Gilden costs $3.20 per metre. 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 $76,000. 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 metres) 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. Mc Graw Prey. 1 of 3 Next >