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Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation a. The Marketing Department has estimated sales as follows for the remainder of the year (in units): 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: 308 in the nonth of sale 65in the sonth following sale 51 aneollectible 30s in the nobth of sale 65s in the month following sale 5s ancollectible Soles for June totaled $588,000 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 Giden, 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: June 30 September 36 98.450.+60t 7 feet e. Gilden costs $0.80 per foot One-half of a month'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 for purchases of Giden during June will be $72,920. Required: 1. Caiculate the estimated sales, by month and in total, for the third quarter. 2. Calculate the expected cash collections, by month and in total, 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. Caiculate the cost of the raw material (Gilden) purchases by month and in total, for the third quarter. 6. Calculate the expected cash disbursements for raw 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