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 34,500 August 79,000 September 48,000 October 24,500 November 11,000 December 11,500 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: 30% in the month of sale 65in the month following sale 5t uncollectible Sales for June totaled $336,000. c. The company maintains finished goods Inventories equal to 15% of the following month's sales. This requirement will be 30% in the month of sale 658 in the month following sale 5. uncollectible Sales for June totaled $336,000. 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 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 82,350 feet 2 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 $56,120 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 lin feet that needs to be nu Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req3 Req 4 and 5 Req 6 Calculate the estimated sales, by month and in total, for the third quarter. July August September Quarter Budgeted sales $ 494,000 $ 1,118,000 Reg 2 > Complete this question by entering your answers in the tabs below. Req1 Req2 Reg 3 Reg 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 Calculate the estimated quantity of beach umbrellas that need to be produced in July, August, September, and Octobe July August September October Required production in units