ELIUI DIE WOPR you have completed so far. It does not indicate ca Required information The Foundational 15 [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10) [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 8,600. 17,000, 19,000, and 20,000 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 $2.40 per pound e. Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% 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 $1.80. The fixed selling and administrative expense per month is $67,000 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 8,600, 17,000,19,000, and 20,000 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 $2.40 per pound. e. Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% 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 month is $67,000 Foundational 8-8 1896,250 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. Accounts 200.060 payable [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 8,600. 17,000,19,000, and 20,000 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 $2.40 per pound e. Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% 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 $1.80. The fixed selling and administrative expense per month is $67,000. Foundational 8-9 19. Ir 96,250 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 material inventory balance 9 10 11 15 of 17 Next > Check m [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 8,600. 17,000,19,000, and 20.000 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 $2.40 per pound e. Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% 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 $1.80. The fixed selling and administrative expense per month is $67.000. Foundational 8-10 10. What is the total estimated direct labor cost for July assuming the direct labor workforce is adjusted to match the hours required to produce the forecasted number of units produced? Total direct labor cost (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 8,600. 17,000,19,000, and 20,000 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. tory 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 $2.40 per pound e. Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% in the following month. 1. 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 $180. The fixed selling and administrative expense per month is $67,000. Foundational 8-11 11. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $6 per direct labor hour what is the estimated unit product cost? (Round your answer to 2 decimal places.) Unit product cost 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 8,600. 17.000, 19,000, and 20,000 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 $2.40 per pound e. Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% 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 $180. The fixed selling and administrative expense per month is $67,000 Foundational 8-12 12. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $6 per direct labor hour what is the estimated finished goods inventory balance at the end of July? Ending finished goods inventory CH a. The budgeted selling price per unit is $60. Budgeted unit sales for June, July, August, and September are 8.600, 17,000, 19,000, and 20,000 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 $2.40 per pound. e. Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% 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 $180. The fixed selling and administrative expense per month is $67.000. Foundational 8-13 13. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $6 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 13 14 15 of 17 Next > [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 8,600. 17,000,19,000, and 20,000 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 $2.40 per pound. e. Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% 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 $180. The fixed selling and administrative expense per month is $67,000 oundational 8-15 5. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $6 per direct labor-hour, that is the estimated net operating income for July? Net operating income 18 of 17 | Next >