8 00 Part 8 of 15 10 points ! 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: Return to question a. The budgeted selling price per unit is $70. Budgeted unit sales for June, July, August, and September are 8,500, 16,000, 18,000, and 19,000 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 20% of the following month's unit sales. d. The ending raw materials Inventory equals 10% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.00 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 $13 per hour. Each unit of finished goods requires two direct labor-hours. g. The variable selling and administrative expense per unit sold is $1.70. The fixed selling and administrative expense per month is $66,000. 8. If 91,000 pounds of raw materials are needed to meet production in August, what is the estimated accounts payable balance at the end of July? Answer is complete but not entirely correct. 7) the estimated cash disbursements for raw materials purchases in July = $165800 8) estimated accounts payable balance at the end of July = $81242 9. the estimated raw materials inventory balance (in dollars) at the end of July - 9100 x $2 = $1 10. the total estimated direct labor cost for July assuming the direct labor workforce is adjusted the hours required to produce the forecasted number of units produced - $426400 11. If the company always uses an estimated predetermined plantwide overhead rate of $8 per labor-hour, the estimated unit product cost - $52 per unit 12. estimated finished goods inventory balance at the end of July, if the company always uses predetermined plantwide overhead rate of $8 per direct labor-hour = 3600 unis @ 52 per unit 13. Estimated cost of goods sold = $832000 and Estimated gross margin = $288000 14. Total estimated selling and administrative expenses = $93200 15. Net operating income $194800 View comments (2) > Accounts payable $ 81,242 x