Question 4 (20 Points) ESOB Sound Company plans to sell 50,000 units in August and 60,000 units in September. The desired monthly ending inventory in units of finished product is 70 percent of the next month's estimated sales. There are 35,000 finished units in inventory on July 31. Each unit of finished product requires six kilograms of raw material at a cost of $3.65 per pound. There are 70,000 kilograms of raw material in inventory on July 31. Required: Compute the total estimated cost of raw-material purchases for the month of August. Question 5 (20 Points) Flying Bird, Inc., a distributor of fast food, has the following historical collection pattern for its credit sales. 65 percent collected in the month of sale. 20 percent collected in the first month after sale. 10 percent collected in the second month after sale. 3 percent collected in the third month after sale. 2 percent uncollectible. The sales on account have been budgeted for the first seven months as follows: January February March April May June July $62,000 74,000 84,000 94,000 104,000 114,000 99,000 Other data for July is as follows: $34,000 45,000 26,200 Depreciation Expense Payments for purchases Cash Balance on June 30 Required: Calculate the following: 1. Cash collections in July (15 points) 2. Cash balance as of July 31. (5 points)