N Netflix X M Sent Mail - yaraaf X Q HRPD 706 midter X D2L Modules 5&6 - CI X Question 4 - Mod X Q Janus Products, Ir X Janus Products, Ir X Course Hero X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmid... A Q Modules 5&6 - Chapter 7 Saved Help Save & Exit Submit Check my work 4 Milo Company 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: 10 a. The Marketing Department has estimated sales as follows for the remainder of the year (in units): points July 37,000 October 27, 090 August 77,000 November 17 , 000 September 57,000 December 17, 000 Book The selling price of the beach umbrellas is $10 per unit. Sales in June were 32,000 units. Print b. All sales are on account. On the basis of past experience, sales are collected in the following pattern: References 40% in the month of sale 55% in the month following sale 5% uncollectible 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 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 Gilden on hand at the beginning and end of the quarter will be as follows: June 30 86,000 metres September 30 ? metres e. Gilden costs $0.80 per metre. One-half 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 payable on July 1 for purchases of Gilden during June will be $83,000. Required: 1. Prepare a sales budget, by month and in total, for the third quarter. Also, prepare a schedule of expected cash collections, by month and in total, for the third quarter. MILO COMPANY Sales Budget July August September Quarter Budgeted sales Mc 4 of 4 Hill Type here to search O W EN O 19C Sunny 2:36 PM 10/23/2022N Netflix X M Sent Mail - yaraaf X Q HRPD 706 midter X D2L Modules 5&6 - CI X Question 4 - Mod X Q Janus Products, Ir X Janus Products, Ir X Course Hero X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmid... A Q Modules 5&6 - Chapter 7 Saved Help Save & Exit Submit Check my work 4 Required: 1. Prepare a sales budget, by month and in total, for the third quarter. Also, prepare a schedule of expected cash collections, by month and in total, for the third quarter. 10 points MILO COMPANY Sales Budget July August September Quarter Budgeted sales Book Print References MILO COMPANY Schedule of Expected Cash Collections July August September Quarter Accounts receivable, June 30 July sales August sales September sales Total cash collections $ 0 $ O S 2. Prepare a production budget for each of the months July to October. MILO COMPANY Production Budget for July-October July August September October Mc Hill Type here to search O W EN O 19C Sunny 2:36 PM 10/23/2022N Netflix X M Sent Mail - yaraaf X Q HRPD 706 midter X D2L Modules 5&6 - CI X Question 4 - Mod X Q Janus Products, Ir X Janus Products, Ir X Course Hero X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmid... A Q Modules 5&6 - Chapter 7 Saved Help Save & Exit Submit Check my work 4 2. Prepare a production budget for each of the months July to October. MILO COMPANY 10 Production Budget for July-October points July August September October Total needs Book Print References 3. Prepare a materials purchases budget for Gilden, by month and in total, for the third quarter. Also, prepare a schedule of expected cash payments for Gilden, by month and in total, for the third quarter. MILO COMPANY Materials Budget Month July August September Quarter Total needs (metres) Mc Grav Type here to search O EI W EN O 19C Sunny 2:37 PM 10/23/2022N Netflix X M Sent Mail - yaraaf X Q HRPD 706 midter X D2L Modules 5&6 - CI X Question 4 - Mod X Q Janus Products, Ir X Janus Products, Ir X Course Hero X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmid... A Q Modules 5&6 - Chapter 7 Saved Help Save & Exit Submit Check my work 4 3. Prepare a materials purchases budget for Gilden, by month and in total, for the third quarter. Also, prepare a schedule of expected 10 cash payments for Gilden, by month and in total, for the third quarter. points MILO COMPANY Materials Budget Month Book July August September Quarter Print Total needs (metres) References MILO COMPANY Schedule of Expected Cash Payments July August September Quarter Accounts payable, June 30 July purchases August purchases September purchases Total cash payments 0 $ Mc Grav Hill Type here to search O EI W EN O 19C Sunny 2:37 PM 10/23/2022