Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembicd the following information to assist in the budget preparation: a. The Morketing 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. b. All sales are on account. Based on past experience, sales are collected in the following pattern: 308 in the noath of sale 651 in the month following sale 51 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 that the ending ifventory 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: Tuse 30 Septenber 3073,450 teet e. Gilden costs $0.80 per foot. One-half of a month's purchases of Giden 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. 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, by month and in total, for the third quarter. Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembicd the following information to assist in the budget preparation: a. The Morketing 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. b. All sales are on account. Based on past experience, sales are collected in the following pattern: 308 in the noath of sale 651 in the month following sale 51 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 that the ending ifventory 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: Tuse 30 Septenber 3073,450 teet e. Gilden costs $0.80 per foot. One-half of a month's purchases of Giden 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. 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, by month and in total, for the third quarter