Milo Compary manufactures beach umbrellas. The company is now 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 $10 per unit. Sales in June were 40,000 units. b. All sales are on account On the basis of past experience, sales are collected in the following pattern: c. The company maintains finished goods inventories equal to 15% of the following month's saies. This requirement will be met at the end of June. d. Each beach umbrella requires 4 metres of Gilden, a material that is sometimes hard to get. Therefore, the company requires that the inventory of Gilden on hand at the end of each month be equal to 50% of the following month's production needs. The inventory of Giden on hand at the beginning and end of the quarter will be as follows: e. Gilden costs $0.80 per metre. One-haif of a month's purchases of Gilden are paid for in the month of purchase, the remainder are paid for in the following month. The accounts poyable on July 1 for purchases of Glden during June will be $91,000 3. Prepare a materiais purchases budget for Gilden, by month and in total, for the third quarter. Also, prepare a schedule of expecte cash payments for Gilden, by month and in total, for the third quarter