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 38,000 October 28,000 August 86,000 November 14,500 September 55.000 December 15,000 The selling price of the beach umbrellas is $13 per unit. b. All sales are on account (ie, on credit) and sales for June totaled $455,000. Based on past experience, sales are collected in the following pattern: 304 in the month of sale 654 in the month following sale 58 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 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