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 31,580 October August 73,000 November September 42,000 December 21,500 8,000 8,500 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: 384 in the nonth of sale 654 in the month following sale 54 uncollectible Sales for June totaled $264.000. 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 Gliden 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: end of June. c. The company maintains finished goods inventories equal to 15% of the following month's sales. This requirement will be met at the 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 30 September 30 75,450 feet 7 feet 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. 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 Giiden (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. Req 1 Reg 2 Reg 3 Req 4 and 5 Reg 6 NELIS, y 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. ces Req1 Reg 2 Reg 3 Req 4 and 5 Reg 6 Calculate the estimated sales, by month and in total, for the third quarter. July August September Quarter Budgeted sales Reg 2 > y Didi, or 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. Reg 1 Reg 2 Reg 3 Req 4 and 5 Reg 6 Calculate the expected cash collections, by month and in total, for the third quarter, July August September Quarter Total cash collections Reg1 Rega > cos Reg 3 Req 4 and 5 Reg 1 Reg 2 36 Calculate the estimated quantity of beach umbrellas that need to be produced in July, August, September, and October July August September October Required production in units Req 1 Reg 2 Reg 3 Req 4 and 5 Reg 6 Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the third quarter. July August September Quarter Total cash disbursements