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HELP!!!! PLEASE HE:LP ASAP I WILL RATE U GOOD Morganton Company makes one product and it provided the following information to help prepare the master
HELP!!!! PLEASE HE:LP ASAP I WILL RATE U GOOD Morganton Company makes one product and it provided the following information to help prepare the master budget:
- The budgeted selling price per unit is $70. Budgeted unit sales for June, July, August, and September are 9,400, 25,000, 27,000, and 28,000 units, respectively. All sales are on credit.
- Thirty percent of credit sales are collected in the month of the sale and 70% in the following month.
- The ending finished goods inventory equals 20% of the following months unit sales.
- The ending raw materials inventory equals 10% of the following months raw materials production needs. Each unit of finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound.
- 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 $15 per hour. Each unit of finished goods requires two direct labor-hours.
- The variable selling and administrative expense per unit sold is $2.00. The fixed selling and administrative expense per month is $64,000.
HELP HELP HELP HELP!
14. What is the estimated total selling and administrative expense for July?
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