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Problem 8-30 Integration of the Sales, Production, and Direct Materials Budgets [LO8-2, LO8-3, LO8-4] 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 remalnder of the year (In units): 27,98e 84,08 ovember 13,588 September 53,88 December 14,888 37,08 October August The selling price of the beach umbrellas is $11 per unit. b. All sales are on account. Based on past experlence, sales are collected In the following pattern: 38% in the month of sale 65% in the month following sale 5% uncollectible Sales for June totaled $363,000. C. The company maintains finished goods inventories equal to 15% of the following month's sales. This requirement will be met at the d. Each beach umbrella requires 4 feet of Gllden, a material that is sometimes hard to acqulre. Therefore, the company requires that end of June 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 38 88,188 feet ? feet September 38 e. Gllden costs $0.80 per foot. One-half of a month's purchases of Gilden is pald for In the month of purchase; the remalnder Is pald for In the following month. The accounts payable on July 1 for purchases of Glden during June will be $62,120. 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 (In feet) that needs to be purchased by month and In total, for the third quarter 5. Calculate the cost of the raw material (Gllden) purchases by month and In total, for the third quarter. 6. Calculate the expected cash disbursements for raw materlal (Gllden) purchases, by month and In total, for the third quarter. Complete this question by entering your answers in the tabs below