Milo 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 experlence, sales are collected in the following pattern: c. The company maintalns finished goods Inventorles equal to 15% of the following month's sales. This requirement will be met at the end of June. d. Each beach umbrella requires 4 metres of Gilden, a materlal that is sometimes hard to get. Therefore, the company requires that th; Inventory of Gllden 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 pald for in the month of purchase; the remainder are pald for in the following month. The accounts payable on July 1 for purchases of Gllden during June will be $96,000. Requlred: 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. 2. Prepare a production budget for each of the months July to October. 3. Prepare a materlals purchases budget for Gllden, 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