Part I The data below pertains to the third quarter of Lulu Company which manufactures toys. Below is the estimated sales (in units): July 62,000 August 76,000 September 82,000 October 91,000 November 70,000 December 30,000 Month of sale 35% Month following sale 55% Uncollectible 10% a. The selling price of each toy is $10.00 per unit. b. All sales are on account. Based on past experience, sales are collected in the following pattern: c. Sales for June totaled $170,000. d. The company maintains finished goods inventories equal to 20% of the following month's sales. f. Each toy requires 4 pounds of raw materials. The company requires that the ending inventory of raw materials be equal to 15% of the following month's production needs. g. The raw material costs $5.00 per pound. h. 50% of a month's purchases of raw materials is paid for in the month of purchase; the remainder is paid for in the following month. i. The accounts payable on June 30 will be $127,000.