Milo Company manufactures beach umbrellas. The company is preparing detalled 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 August September 15,000 00,000 October 25,000 November 11,500 49,000 Decenter 12,000 The selling price of the beach umbrellas is $13 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 65% in the month following sale 5% uncollectible Sales for June totaled $377,000. 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 03,500 feet feet e. Gilden costs $0.60 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 follision month The accounts navallas in July 1 for rhaces of Cildon dhuinn bune will he (4) gan