Milo Company manufactures beach umbrellas. com following information to assist in the budget preparation: n u bc The company is preparing detailed budgets for the third quarter and has assembiled the a. The Marketing Department has estimated sales as follows for the remainder of the year (in units: 31,000 October 21,000 July August 72,000 Novenber 7,500 September 41,000 Decenber 8,000 The selling price of the beach umbrellas is $11 per unit b. All sales are on account. Based on past experience, sales are collected in the following pattern: 308 in the month of sale 65% in the month following nale 5% uncollectible Sales for June totaled $231,000. C. The company maintains finished goods inventori es equal to 15% of the following month's sales. This requirement will be met at the end of June. d. Each beach umbrella equires 4 feet 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 beginning and end of the quarter will be: inventory of Gilden on hand at the