M MHE Reades G Chegg Study Guided Solut G MTH 1221 WeltWork MH ps/ewconne ework Help S Required information The following information applies ro the questions displayed below Morgenton Compeny 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. e. The ending finished goods inventory equals 20% of the following month's unit seles d. The ending rew materiais inventory equals 10% of the following month s raw materials produetion needs. Each antor 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 70% the following month. f. The direct labor wage rate is $15 per hour. Each unit of finished g The variable seling and administrative expense per unit sold is $1.80. The fixed selling and edministrative expense per requires two dlirect labor-hours month is S60,000 6 What is the estimated cost of raw materials purchases for July?