Required information [The following information applies to the questions displayed bolow] 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 ore poid 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. 9. The variable selling and administrative expense per unit sold is $180. The fixed selling and administrative expense per month is $67.000 12. If we assume that there is no fixed manufocturing overhead and the vaDble manufacturing overhead is $6 per direct labor-hour, What is the estimated finished goods inventory balance at the end of July? 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 8,600 . 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 9. The variable selling and administrative expense per unit sold is $1.80. The fixed selling and administrative expense per month is $67.000 3. 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? 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 8,600 . 17,000,19,000, and 20,000 units, respectively. All sales are on credit. b. Thity 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 $240 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. 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
