Milo Corporation 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: The marketing department has estimated sales as follows for the remainder of the year (in units): July 30,000 October 20,000 August 70,000 November 10,000 September 50,000 December 10,000 The selling price of the beach umbrellas is $36 per unit. Sales in June were 25,000 units. The company maintains finished goods inventories equal to 15% of the following month's sales. Each beach umbrella requires four 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 company had 72,000 metres of Gilden on hand at June 30. Gilden costs $0.80 per metre. Each umbrella also requires 8 metres of steel piping. The company carries inventory of steel piping on hand at the end of each month to be equal to 12% of the following month's production needs. The company had 35,000 metres of steel piping on hand at June 30. Steel piping costs $0.50 per metre. The company estimates that it requires two employees spending 0.5 hours each in assembling one umbrella. The employees get paid at a rate of $11.50 per hour. Manufacturing overhead costs are allocated at a rate of $8 per direct labour hour. REQUIRED Prepare an operational budget for the third quarter