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 The selling price of the beach umbrellas is $11 per unit. August September 37000 4000 53,000 October November December 27.000 13500 14.000 b. Al sales are on account. Based on past experience, sales are collected in the following pattern: 30% in the month of 65% in the month folosing sale 5 cc Sales for June totaled $363.000. e. 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 Olden, a material that is sometimes hard to acquire. Therefore, the company requires that the ending inventory of Gilden be equal to 50 the following month's production needs. The entory of adenon and at the beginning and end of the quarter will be of 38.100 feet September 30 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 Olden during June will be $62,120 e. Gilden costs $0.80 per foot. One-half of a month's purchases of Glden 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 $62,120. Required: 1-a. Prepare a sales budget, by month and in total, for the third quarter. July August September Quarter Budgeted units sales Selling price per unit Budgeted sales 1-b. Prepare a schedule of expected cash collections, by month and in total, for the third quarter. Quarter Schedule of Expected Cash Collections July August September Accounts receivable June 30 July sales Augustsales September sales Total Gash collections 2. Prepare a production budget for each of the months July-October Production Budget July August September October Budged unt sales Total needs Required production in units 3-a. Prepare a direct materials budget for den, by month and in for the third quarter (Round your unit cost of raw materials to 2 decimal places) Direct Materials Budget July August September Quarter Regard production in units of the goods Units of raw material needed per un finished goods Units of raw material needed to meet production Too mas needed Units of raw materials to be purchased Unost of raw materials Cost of be purchased 3-a. Prepare a direct materials budget for Gilden, by month and in total, for the third quarter. (Round your Unit cost of raw materials to 2 decimal places.) August September Quarter Direct Materials Budget July Required production in units of finished goods Units of raw materials needed per unit of finished goods Units of raw materials needed to meet production Total units of raw materials needed Units of raw materials to be purchased Unit cost of raw materials Cost of raw materials to be purchased 3-b. Prepare a schedule of expected cash disbursements for Gilden, by month and in total, for the third quarter. Quarter Schedule of Expected Cash Disbursements July August September Accounts payable, June 30 July purchases August purchases September purchases Total cash disbursements