Problem 8-30 (Algo) Integration of the Sales, Productlon, and Direct Materlals Budgets [LO8-2, LO8-3, LO8-4] Milo Company manufactures besch umbreliss. The company is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation: o. The Marketing Department has estimated sales os follows for the remainder of the year (in units): The selling price of the besch umbrellas is $11 per unit. b. All sales are on account. Bosed on past experience, soles are collected in the following pottern: 3ex in the month of sale 65. in the month following sale 5. uncollectible Sales for June totaled $429,000. c. The compony maintains finished goods inventories equsl 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 that 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 querter will be: e. Gilden costs $0.60 per foot. One-half of a month's purchsses of Gilden is poid for in the month of purchsse; the remainder is paid for in the following month. The accounts poyable on July 1 for purchases of Gilden during June will be $51,990. Required: 1. Colculate the estimated sales, by month and in total, for the third quorter. 2. Calculate the expected cosh collections, by month and in totsl, 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 row material (Gilden) purchases by month and in total, for the third quarter. 6. Calculate the expected cosh disbursements for row material (Gilden) purchases, by month and in total, for the third quarter. Complete this question by entering your answers in the tabs below. Calculate the estimated sales, by month and in total, for the third quarter