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 $8,400,10,000,12,000,$ and $13,000$ units, respectively. All sales are on credit.

Forty percent of credit sales are collected in the month of the sale and $60\%$ in the following month.

The ending finished goods inventory equals $20\%$ of the following month$$s unit sales.

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\mathrm{.}00$ per pound.

Thirty percent of raw materials purchases are paid for in the month of purchase and $70\%$ 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 $$1\mathrm{.}80.$ The fixed selling and administrative expense per month is $$60,000.$

Questions:

$1.$What are the budgeted sales for July?

$2.$According to the production budget, how many units should be produced in July?

$3.$If $61,000$ pounds of raw materials are needed to meet production in August, what is the estimated cost of raw materials purchases for July?

$4.$What is the total estimated direct labor cost for July?

$5.$ If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $$10$ per direct labor$-$hour, what is the estimated cost of goods sold and gross margin for July?

$6.$What is the estimated total selling and administrative expense for July?

$7.$If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $$10$ per direct labor$-$hour, what is the estimated net operating income for July?

$8.$What are the expected cash collections for July?

In July what are the total estimated cash disbursements for raw materials purchases? $9.$ Assume the cost of raw material purchases in June is $$88,880$; and $61,000$ pounds of raw materials are needed to meet production in August.

$10.$ What is the accounts receivable balance at the end of July?

$11.$If $61,000$ pounds of raw materials are needed to meet production in August, what is the estimated accounts payable balance at the end of July?

$12.($See picture$)$ Prepare the company$$s cash budget for the upcoming fiscal year. $($Repayments$,$ interest, and cash deficiencies should be indicated by a minus sign.$)$