Check 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 a. The budgeted selling price per unit is $60. Budgeted unit sales for June July August, and September are 8,000, 11,000, 13.000, and 14,000 units, respectively. All sales are on credit b. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month c. The ending finished goods inventory equals 25% 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 $2.20 per pound, e. Twenty percent of raw materials purchases are paid for in the mo of purchase and 80% the following month 1. The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $1.20. The fixed selling and administrative expense per month is $61,000, rences Required: 1. What are the budgeted sales for July? Dudgeted sales Required information Part 2 of 15 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 1 points Suded ook a. The budgeted selling price per unit is $60. Budgeted unit sales for June July August, and September are 8,000, 11000, 13.000, and 14,000 units, respectively. All sales are on credit b. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month. c. The ending finished goods inventory equals 25% 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 $2.20 per pound. o. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month 1. The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor hours. 9. The variable selling and administrative expense per unit sold is $120. The fixed selling and administrative expense per month is $61,000 P 2. What are the expected cash collections for July? Totalcah cocons eBook Paint 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 $2.20 per pound, e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month. 1. The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $120. The fixed selling and administrative expense pe month is $61,000 References 3. What is the accounts receivable balance at the end of July? Accounts receivable Me O ces 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 $2.20 per pound. e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month. f. The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $1.20. The fixed selling and administrative expense per month is $61,000 5. 66.250 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July Raw materials to be purchased pounds SK a. The budgeted selling price per unit is $60. Budgeted unit sales for June, July, August, and September are 8,000, 11,000, 13,000, and 14,000 units, respectively. All sales are on credit b. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month. c. The ending finished goods inventory equals 25% 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 $2.20 per pound. e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month. 1. The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor hours. 9. The variable selling and administrative expense per unit sold is $1.20. The fixed selling and administrative expense per month is $61,000 ces 6. I 66,250 pounds of raw materials are needed to meet production in August, what is the estimated cost of raw materials purchases for July? Cost of raw materials to be purchased bok int b. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month. C. The ending finished goods inventory equals 25% 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 $2.20 per pound. e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% In the following month 1. The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $120. The fixed seling and administrative expense per month is $61,000 iences 7. In July what are the total estimated cash disbursements for raw materials purchases? Assume the cost of raw material purchases in June Is $99,275; and $66,250 pounds of raw materials are needed to meet production in August, Toulon disbursements e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor-hours 9. The variable selling and administrative expense per unit sold is $1.20. The fixed selling and administrative expense per month is $61.000. 8.1 66 250 pounds of raw materials are needed to meet production in August, what is the estimated accounts payable balance at the end of July Accounts payabile Bence e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month f The direct labor wage rate is $12 per hour Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $120. The fixed seling and administrative expense per month is $61.000 9.1666,250 pounds of raw materials are needed to meet production in August what is the estimated raw materials inventory balance at the end of July? Raw maten inventory balion selling and administrative expense per unit sold is $1.20. The fixed se month is $61,000. 10. What is the total estimated direct labor cost for July? Total direct labor cost 12. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 per direct labor-hour, what is the estimated finished goods inventory balance at the end of July? Ending finished goods Inventory month is $61,000 13. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 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 month is $61,000. 14. What is the estimated total selling and administrative expense for July? Total selling and administrative expenses 15. we assume that there is no fived manufacturing overhead and the variable manufacturing overhead is 57 per direct labor hout, what is the estimated net operating income for July? Net operating Income Check 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 a. The budgeted selling price per unit is $60. Budgeted unit sales for June July August, and September are 8,000, 11,000, 13.000, and 14,000 units, respectively. All sales are on credit b. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month c. The ending finished goods inventory equals 25% 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 $2.20 per pound, e. Twenty percent of raw materials purchases are paid for in the mo of purchase and 80% the following month 1. The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $1.20. The fixed selling and administrative expense per month is $61,000, rences Required: 1. What are the budgeted sales for July? Dudgeted sales Required information Part 2 of 15 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 1 points Suded ook a. The budgeted selling price per unit is $60. Budgeted unit sales for June July August, and September are 8,000, 11000, 13.000, and 14,000 units, respectively. All sales are on credit b. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month. c. The ending finished goods inventory equals 25% 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 $2.20 per pound. o. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month 1. The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor hours. 9. The variable selling and administrative expense per unit sold is $120. The fixed selling and administrative expense per month is $61,000 P 2. What are the expected cash collections for July? Totalcah cocons eBook Paint 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 $2.20 per pound, e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month. 1. The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $120. The fixed selling and administrative expense pe month is $61,000 References 3. What is the accounts receivable balance at the end of July? Accounts receivable Me O ces 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 $2.20 per pound. e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month. f. The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $1.20. The fixed selling and administrative expense per month is $61,000 5. 66.250 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July Raw materials to be purchased pounds SK a. The budgeted selling price per unit is $60. Budgeted unit sales for June, July, August, and September are 8,000, 11,000, 13,000, and 14,000 units, respectively. All sales are on credit b. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month. c. The ending finished goods inventory equals 25% 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 $2.20 per pound. e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month. 1. The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor hours. 9. The variable selling and administrative expense per unit sold is $1.20. The fixed selling and administrative expense per month is $61,000 ces 6. I 66,250 pounds of raw materials are needed to meet production in August, what is the estimated cost of raw materials purchases for July? Cost of raw materials to be purchased bok int b. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month. C. The ending finished goods inventory equals 25% 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 $2.20 per pound. e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% In the following month 1. The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $120. The fixed seling and administrative expense per month is $61,000 iences 7. In July what are the total estimated cash disbursements for raw materials purchases? Assume the cost of raw material purchases in June Is $99,275; and $66,250 pounds of raw materials are needed to meet production in August, Toulon disbursements e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor-hours 9. The variable selling and administrative expense per unit sold is $1.20. The fixed selling and administrative expense per month is $61.000. 8.1 66 250 pounds of raw materials are needed to meet production in August, what is the estimated accounts payable balance at the end of July Accounts payabile Bence e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month f The direct labor wage rate is $12 per hour Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $120. The fixed seling and administrative expense per month is $61.000 9.1666,250 pounds of raw materials are needed to meet production in August what is the estimated raw materials inventory balance at the end of July? Raw maten inventory balion selling and administrative expense per unit sold is $1.20. The fixed se month is $61,000. 10. What is the total estimated direct labor cost for July? Total direct labor cost 12. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 per direct labor-hour, what is the estimated finished goods inventory balance at the end of July? Ending finished goods Inventory month is $61,000 13. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 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 month is $61,000. 14. What is the estimated total selling and administrative expense for July? Total selling and administrative expenses 15. we assume that there is no fived manufacturing overhead and the variable manufacturing overhead is 57 per direct labor hout, what is the estimated net operating income for July? Net operating Income