Problem $8-30($Algo$)$ Integration of the Sales, Production, and Direct Materials Budgets $[$LO$8-2,$ LO$8-3,$ LO$8-4]$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: The Marketing Department has estimated sales as follows for the remainder of the year $($in units$)$: July$39,000$October$29,000$August$88,000$November$15,500$September$57,000$December$16,000$ The selling price of the beach umbrellas is $$15$ per unit.All sales are on account. Based on past experience, sales are collected in the following pattern: $30\%$in the month of sale$65\%$in the month following sale$5\%$uncollectible Sales for June totaled $$555,000.$The company maintains finished goods inventories equal to $15\%$ of the following months sales. This requirement will be met at the end of June.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 months production needs. The inventory of Gilden on hand at the beginning and end of the quarter will be: June $3092,700$feetSeptember $30?$feet Gilden costs $$0\mathrm{.}80$ per foot. One$-$half of a months purchases of Gilden is paid for in the month of purchase; the remainder is paid for in the following month. The accounts payable on July $1$ for purchases of Gilden during June will be $$66,920.$ Required:$1.$ Calculate the estimated sales, by month and in total, for the third quarter$\mathrm{.}2.$ Calculate the expected cash collections, by month and in total, for the third quarter$\mathrm{.}3.$ Calculate the estimated quantity of beach umbrellas that need to be produced in July, August, September, and October$\mathrm{.}4.$ Calculate the quantity of Gilden $($in feet$)$ that needs to be purchased by month and in total, for the third quarter$\mathrm{.}5.$ Calculate the cost of the raw material $($Gilden$)$ purchases by month and in total, for the third quarter$\mathrm{.}6.$ Calculate the expected cash disbursements for raw material $($Gilden$)$ purchases, by month and in total, for the third quarter.