Morganton Company makes one product, and has provided the following information to help prepare the master budget for its first four months of operations: a. The budgeted selling price per unit is $20. 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 kilograms of raw materials. The raw materials cost $200 per kilogram. e. Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the following month, The direct labour wage rate is $15 per hour. Each unit of finished goods requires two direct labour hours. 9. The variable selling and administrative expense per unit sold is $180. The fixed seling and administrative expense per month is $60,000 13. What is the estimated cost of goods sold and gross margin for July? Estimated cost of goods sold Estimated gross margin