Mia Company manufactures beach umbrellas, The company is now preparing detalled 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): The selling price of the beach umbrellas is $12 per unit. Sales in June were 45,000 units b. All sales are on account. On the basis of past experience, sales are collected in the following pattern: c. The company maintains finishegpoods inventories equal to 15% of the following month's sales. This requirement wir be met at the end of June: d. Each beach umbrella requires 4 metres of Gilden, a material that is sometimes hard to get. Therefore, the company requires that the inventory of Gilden on hand at the end of each month 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 as follows: d. Each beach umbrella requires 4 metres of Gilden, a material that is sometimes hard to get. Therefore, the company requires that the inventory of Gilden on hand at the end of each month 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 as follows: e. Gilden costs $0.80 per metre. One-half of a month's purchases of Gilden are paid for in the month of purchase, the remainder are paid for in the following month. The accounts payable on July 1 for purchases of Gilden during June will be $96,000. Required: 1. Prepare a sales budget, by month and in total, for the third quarter. Also, prepare a schedule of expected cash collections, by month and in total, for the third quarter \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Mia Company } \\ \hline \multicolumn{5}{|c|}{ Schedule of Expected Cash Collections } \\ \hline & July & August & September & Quarter \\ \hline \multicolumn{5}{|c|}{ Accounts receivable, June 30} \\ \hline \multicolumn{5}{|l|}{ July sales } \\ \hline \multicolumn{5}{|l|}{ August sales } \\ \hline \multicolumn{5}{|l|}{ Soptember sales } \\ \hline Total cash collections & $ & $ & $ & $ \\ \hline \end{tabular} 2. Prepare a production budget for each of the months July to October. 3. Prepare a materials purchases budget for Gilden, by month and in total, for the third quarter. Also, prepare a schedule of expected cash payments for Gilden, by month and in total, for the third quarter. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Mia Company } \\ \hline \multicolumn{5}{|c|}{ Schedule of Expected Cash Payments } \\ \hline & July & August & September & Quarter \\ \hline \multicolumn{5}{|c|}{ Accounts payable, June 30} \\ \hline \multicolumn{5}{|l|}{ July purchases } \\ \hline \multicolumn{5}{|l|}{ August purchases } \\ \hline \multicolumn{5}{|l|}{ Soptember purchases } \\ \hline Total cash payments & 0 & $ & $ & s \\ \hline \end{tabular}