Credit sales are collected: 40% in the month of the sale and 60% in the following month

Raw materials purchases are paid: 40% in the month of purchase and 60% in the following month

The ending finished goods inventory should equal 20% of the following month's sales. The ending raw materials inventory should equal 40% of the following month s raw materials production needs.

l. What is the estimated finished goods inventory balance at the end of November?

m. What is the estimated cost of goods sold and gross margin for November? n. What is the estimated total selling and administrative expense for November? o. What is the estimated net operating income for November?

1) Mumbower Corporation makes one product and has provided the following information to help prepare the master budget for the next four months of operations: Budgeted selling price per unit $103 Budgeted unit sales (all on credit): October November 9,500 10,700 9,800 10,800 4 pounds December January Raw materials requirement per unit of output Raw materials cost Direct labor requirement per unit of output Direct labor wage rate $5.00 per pound 2.8 direct labor-hours $19.00 per direct labor- hour $1.60 per unit sold Variable selling and administrative expense Fixed selling and administrative expense $80,000 per month