13 Part 13 of 15 Required information [The following information applies to the questions displayed below.) Morganton Company makes one product and it provided the following information to help prepare the master budget: 0.52 points eBook a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300. 24,000, 26,000, and 27,000 units, respectively. All sales are on credit. b. Forty percent of credit sales are collected in the month of the sale and 60% in the following month. c. The ending finished goods inventory equals 30% of the following month's unit sales. d. The ending raw materials inventory equals 20% of the following month's raw materials production needs. Each unit of finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. e. Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the following month. f. The direct labor wage rate is $14 per hour. Each unit of finished goods requires two direct labor-hours. g. The variable selling and administrative expense per unit sold is $1.90. The fixed selling and administrative expense per month is $63,000. Files Print References 13. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $9 per direct labor-hour, what is the estimated cost of goods sold and gross margin for July? Estimated cost of goods sold Estimated gross margin 14 Part 14 of 15 Required information (The following information applies to the questions displayed below) Morganton Company makes one product and it provided the following information to help prepare the master budget: 0.52 points cBook a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24.000, 26,000, and 27,000 units, respectively. All sales are on credit. b. Forty percent of credit sales are collected in the month of the sale and 60% in the following month. c. The ending finished goods inventory equals 30% of the following month's unit sales. d. The ending raw materials inventory equals 20% of the following month's raw materials production needs. Each unit of finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. e. Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the following month. f. The direct labor wage rate is $14 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $1.90. The fixed selling and administrative expense per month is $63,000. Files Print 14. What is the estimated total selling and administrative expense for July? References Total seling and administrative expenses 15 Part 15 of 15 Required information [The following information applies to the questions displayed below.) Morganton Company makes one product and it provided the following information to help prepare the master budget: 0.52 points cBook a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit. b. Forty percent of credit sales are collected in the month of the sale and 60% in the following month. c. The ending finished goods inventory equals 30% of the following month's unit sales. d. The ending raw materials inventory equals 20% of the following month's raw materials production needs. Each unit of finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. e. Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the following month. f. The direct labor wage rate is $14 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $1.90. The fixed selling and administrative expense per month is $63,000 Files Print References 15. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $9 per direct labor-hour, what is the estimated net operating income for July? Net operating income 16 0.52 points eBook The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted unit tales 11,300 12,300 14,300 13,300 The selling price of the company's product is $12 per unit. Management expects to collect 75% of sales in the quarter in which the sales are made, 20% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $70,800. The company expects to start the first quarter with 1.695 units in finished goods inventory Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 1.895 units. Required: 1. Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. 2. Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole. 3. Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole. Files Print . References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total sales Required 1 Required 2 >