Milo Company manufactures beach umbrellas. The company is 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): July August September 30, 10,890 Se.000 October November December 20, Bee 10, eee 10,000 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 so in the month of sale 65 in the month following se unicolettible Sales for June totaled $300.000 c. The company maintains finished goods inventores equal to 15% of the following month's sales. This requirement will be met at the end of June d. Each beach umbre recures 4 feet of Gildena 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 inventory of Gilden on hand at the beginning and end of the quartet be e co 50:30 per foot Orhat of oth courses of tolon mooth The Socce Sochac oth h e 57.000 Required 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: 3ex in the month of sale 65% in the month following sale 5% uncollectible Sales for June totaled $300,000 c. The company maintains finished goods Inventortes 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 that the ending Inventory of Gilden 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 Feet September 30 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 $76.000 Required: Calculate the asumated sales, by month and in total, for the thira quarter 2. Calculate the expected cash.corections. by month and TOTAL for the third quarter Calculate the estimated quantity of beach more as that neeo to be produced in July August September and October 4 Calculate the quality of Gilden in feet that needs to be purchased by month and in total for the third quarter 5. CblQuite con of the raw materii de purchases by month and in totalt med Quarter 8. Calcun expected Cemento forowe G n ores, by mooth and in cool for the ind unter Complete this question by entering your answers in the tabs below. Sales for June totaled $300,000 c. The company maintains finished goods inventores 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 that the ending inventory of Gilden 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: June Je September 3e 7 2,feet ? feet References 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 $76.000. 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 heeds 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 row.material (Gilden) purchases, by month and in total, for the third quarter Complete this question by entering your answers in the tabs below. Res 1 Reg 2 Calculate the estimated sales. by month a 10 July Reg 2 > July ELELE 30,008 August 70,eee September 58,822 October November December 20, eee 1e, eee 10, eee 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 30% in the month of sale 65% in the month following sale 5% uncollectible Sales for June totaled $300,000. c. The company maintains finished goods inventores equal to 15% of the following month's s end of June. d. Each beach umbrella requires 4 feet of Gliden, a material that is sometimes hard to acquire the ending Inventory of Gilden be equal to 50% of the following month's production needs. beginning and end of the quarter wel de e Glicen costs $0.80 be foot One-half of a months purchases of Gilden is paid for in the mont in the founding month. The counts able o purchases of Groen during wine Required: Calculate the sims monitori font cluster 200 te hele bedtec caso s mons for the 3. Calculate the inte ou cach um DEOSEBO itulate the shortest D awarte U ont UUSI CEEDS PARODOS