The data below pertains to the third quarter of Astra Company which manufactures toy cars. Below is the estimated sales in units): July August September October November December 30,000 65.000 85,000 45,000 15,000 25.000 a. The selling price of the toy car is $10 per unit. b. All sales are on account. Based on past experience, sales are collected in the following pattern: Month of sale Month following sale Uncollectible 30% 65% 5% c. Sales for June totaled $400,000. d. The company maintains finished goods inventories equal to 20% of the following month's sales. This requirement will be met at the end of June. e. Each toy car requires 3 pounds of raw materials. f. The company requires that the ending inventory of raw materials be equal to 10% of the following month's production needs. 8. The raw material costs $1.50 per pound. h. 40% of a month's purchases of raw materials is paid for in the month of the purchase; the remainder is paid for in the following month. i. The Accounts Payable on June 30 will be $80,000. Part I (Similar to Class Example - Problem 8-28) Required: Prepare: 1. Prepare a sales budget, by month and in total, for the Third quarter. (3 marks) 2. Prepare a schedule of expected cash collections, by month and in total, for the Third quarter. (15 marks) 3. Prepare a production budget for each of the months July, August, September and October (10 marks) 4. Prepare a direct materials budget, by month and in total, for the Third quarter (12 marks) 5. Prepare a schedule of expected cash disbursements, by month and in total, for the Third quarter. (15 marks)