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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 $70. Budgeted unit sales for June, July, August, and September are 8,400, 10,000, 12.000 and 13,000 units, respectively. All sales are on credit b. Forty percent of credit sales are collected in the month of the sale and 60% in the following month. C. The ending finished goods inventory equals 20% 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 $2.00 per pound. e, Thirty percent of raw materials purchases are paid for in the month of purchase and 709% in the following month. f. The direct labor wage rate is $15 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 $60,000 Required I. What are the budgeted sales for July? 2What are the expected cash collections for July? 3. What is the accounts receivable balance at the end of July? According to the production budget, how many units should be produced in July? 5. Ir 61,000 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July? 5. Ir 61,000 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July? 6. What is the estimated cost of raw materials purchases for July? 7. In July what are the total estimated cash disbursements for raw materials purchases? Assume the cost of raw material purchases in June is $88,880 8. What is the estimated accounts payable balance at the end of July? 9. What is the estimated raw materials inventory balance at the end of July? 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? 11. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is S10per Page 392 direct labor-hour, what is the estimated unit product cost? 2. What is the estimated finished goods inventory balance at the end of July? 13. What is the estimated cost of goods sold and gross margin for July? 14. What is the estimated total selling and administrative expense for July? 15. What is the estimated net operating income for July? Unit sales selling price per unit total budgeted sales 10000 70 700000 Ques 2 uly June sales ( 588000 * 6096) July sales ( 700000*40%) total cash collections 352800 280000 632800 Ques 3 july sales Percent unallocated Accounts receivable 700000 60% 420000 Ques 4 Budgeted sales In units Add:desired ending inventory total needs Less:beginning inventory required production 10000 2400 12400 2000 10400 workings august sales-12000*20%- July sales: 10000*20% 2400 2000 Ques S &6 Budgeted sales in units Add:desired e (12000.20%) total needs less: beginnig invent (10000.20% 10000 2400 12400 2000 10400 uired production uired uction in units 10400 raw materials needed per unit raw materials needed to meet production add:desired ending raw material 52000"10% total raw materials needs ess:beginning invento (46000" 10%) raw materials to be purchased(a) 52000 6100 58100 5200 52900 t per pound(b cost of raw materials purchases(a b) 1058 ques 7 June purchases 88.880.70% July purchases 62216 105800' 30% 31740 93956 al cash d ques 8 rchases(a) 105800 70% 74060 Percent unpaid(b nts payable balance Quess 9 Ending raw materials invent Cost Raw material inven 6,100 2.00 12,200 ound (b balance (a) x( Ques 10 uired in production 0400 Direct labor hour per unit total direct labor hours needed Rate Total direct labor cost 20800 15 31