Milo Company manufactures beach umbrellas. The company is preparing budgets for the third quarter and assembled the following information: a. The Marketing Department estimated unit sales as follows for the remainder of the year: The selling price of the beach umbrellas is $12 per unit. b. All sales are on account. Based on past experience, sales are collected in the following pattern: 30i in the month of sale 658 in the month following bale 58 uncollectible Sales for June totaled $264,000. 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 4 feet of Gilden, a material that is sometimes hard to acquire. Therefore, the company requires ending inventory of Gilden 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: June30gepteraber3075,4507feetfeet e. Gilden costs $0.80 per foot. 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 $48,920. d. Each beach umbrella requires 4 feet of Gilden, a material that is sometimes hard to acquire. Therefore, the company requires ending inventory of Gilden 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: June 30 75,450 feet Septenber 30 7 feet e. Gilden costs $0.80 per foot. One-half of a month's purchases of Gilden is pald for in the month of purchase; the remainder is pai for in the following month. The accounts payable on July 1 for purchases of Gilden during June will be $48,920. 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 feet) 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. 6. Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the third quarter. Complete this question by entering your answers in the tabs below. Calculate the estimated sales, $y month and in total, for the third quarter