(Sales, Production, and Direct Materials Budgets) Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter. Use the following information to assist in the budget preparation: a. The Marketing Dept estimates sales as follows for the remainder of the year (in units): The selling price of the beach umbrellas is $12 per unit. b. All sales are on account (AR not cash). Sales are collected in the following pattern: Sales for June totaled $300,000. 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 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 quarter will be: e. Gilden costs $0.80 per foot. One-half of a month's purchases of Gilden is paid for in the month of purchase (50\%); the remainder is paid for in the following month ( 50%). The accounts payable on July 1 for purchases of Gilden during June will be $76,000. 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. 1and 5: The direct materials budget for the third nuartar: 6. Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the third quarter