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Milo Company manufactures treach umbrellas. The company is now 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 July Apt September 23 October 73. November 33,00 December 13,000 The selling price of the beach umbrellas is $10 per unit. Sales in June were 28,000 units b. All sales are on account. On the basis of past experience, sales are collected in the following pattern in the month of Male in the month following sale uncollectible c The company maintains tinished good inventories equal to 15% of the following month's sales. This requirement will be met at the end of June d Ench beach umbrellin requires 4 metres of Gilden, a material that is sometimes hard to get. Therefore, the company requires that the Inventory of Gliden on hand at the end of each month 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 as follows June 30 September 75,000 metres e Gilden costs $0.80 per metre. One-half of a month's purchases of Gilden are paid for in the month of purchase the remainder are paid for in the following month. The accounts payable on July 1 for purchases of Gliden during June will be $79.000 Required: 1. Prepare a sales budget, by month and in total, for the third quartet. Also, prepare a schedule of expected cash collections, by month and in total, for the third quarter

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