Milo Company manufactures beach umbrellas. The company is now preparing detailed 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) August September 35,000 October 75,000 November 55,000 December 25,000 15,000 15,000 The selling price of the beach umbrellas is $10 per unit. Sales in June were 30,000 units b. All sales are on account On the basis of past ence, sales are collected in the following pattern 40% in the month of sale 55% in the month following sale 5% uncollectible 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 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 June 30 September 30 82,000 metres ? metres 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 $81,000 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