Problem 8-30 (Static) Integration of the Sales, Production, and Direct Materials Budgets [LO8-2, LO8-3, [LO4] Mio Company manufactures beach umbrellas. The compary is preparing detailed budgets for the third quater and has assembled the following information to akskt in the budget preparation: a. The Marketing Department has ectimased sales as follows for the remainder of the year (in unins) The selling arice of the beach umberlas is 512 per unit b. All sales are on accourt Based on past expenence, sales are collected in the following pattern: Sales for June tataled $300,000 c. The company maintains finsted godes inventones equal to 15% of the following month's saies. Tha requirement wil be met at the end of June. a. Each beach umbrelta requeses 4 tegt of Gilden, a matedal that is sometimes hard to acquare. Tberefore, the company requires that the ending inventory of Gider be Equal ho 50 s of the following month's production needs, The inventory of Gilden on hand at the beginning and end of the cuarter will be: e. Giden costs $080 per foot: One half of a manth's purchases of Giden is paid for in the month of purchase, the remainder is paid for in the following month. The accounts payable on July 1 tor purchases of Gilden durng June will be $76.000. end of lute: a. Each beach umbreila requires 4 teet of Gilden a matestal that is sometines hard to acquice. Therefore, the corpany requires that the ending imenfory of Giden be equal to 500 of the following monthis production needs The aventory of Gilden on hand at the beginning and end of the giarter will be: e. Kilden costs 5080 per foot One haif of a months purchases of Giden s paid for in the monah of purchase, the remainder is paid foe in the following month. The accountz payabie on Juy 1 for purchases of Giden during June wal be 376,000 Required: 1. Galculate the estimated sales by monti and in fotal for the therd quarter. 2. Cilculate the expected cash collectons, by month and in fotal, for the thurd quarter 3. Cakuate the cstimated quantity of beach umbielias that neted to be produced in July. August, September, and October. 4. Calculate the quanitiy of Gitdign (in feel) that needis to be purchased by month and in total, for the third quarter 5. Calculate the cost of the raw matectal (Gdden) purchases by month and in totad, for the third quarter. 6. Calculate the expected cast disburfepents for faw materlal (Gilden) purchases, by month and in totat, for the third quarter. Coespiete this question by entering yeur answers in the tabu bulow. Calculate the etaimased naknf to month and in toeal, for the third quarter