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LO8-4] Milo Company manufactures beach umbrellas. The company is preparing budgets for the third quarter and assembled the following information: a. The Marketing Department estimated unit sales as follows for the remainder of the year: The selling price of the beach umbrellas is $14 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 30% in the month of sale 65\% in the month following sale 5\% uncollectible Sales for June totaled $504,000. 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 ending inventory of Gilden 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 3 91,550feet?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 following month. The accounts payable on July 1 for purchases of Gilden during June will be $49,290. Complete this question by entering your answers in the tabs below. Calculate the estimated sales, by month and in total, for the third quarter. Complete this question by entering your answers in the tabs below. Calculate the expected cash collections, by month and in total, for the third quarte Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. 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 (Gilden) purchases by month and in total, for the third quarter. Complete this question by entering your answers in the tabs below