Morganton Company makes one product and it 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 $70 Budgeted unit sales for June, July, August, and September are 8,800, 19,000, 21,000, and 22,000 units, respectively All sales are on credit b Thirty percent of credit sales are collected in the month of the sale and 70 in the following month c The ending finished goods inventory equals 20 of the following months unit sales d The ending raw materials inventory equals 10 of the following months raw materials production needs Each unit of finished goods requires 5 pounds of raw materials The raw materials cost $2 40 per pound e Twenty five percent of raw materials purchases are paid for in the month of purchase and 75 in the following month f The direct labor wage rate is $12 per hour Each unit of finished goods requires two direct labor hours g The variable selling and administrative expense per unit sold is $2 00 The fixed selling and administrative expense per month is $69,000 1 Required information Required 1 What are the budgeted sales for July Previous attempt 2 Required information 2 What are the expected cash collections for July Previous attempt 3 Required information 3 What is the accounts receivable balance at the end of July Previous attempt 4 Required information 4 According to the production budget, how many units should be produced in July Previous attempt 5 Required information 5 If 106,000 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July Previous attempt 6 Required information 6 What is the estimated cost of raw materials purchases for July Previous attempt 7 Required information 7 If the cost of raw material purchases in June is $140,352, what are the estimated cash disbursements for raw materials purchases in July Previous attempt 8 Required information 8 What is the estimated accounts payable balance at the end of July Previous attempt 9 Required information 9 What is the estimated raw materials inventory balance at the end of July Previous attempt 10 Required information 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 Previous attempt 11 Required information 11 If the company always uses an estimated predetermined plantwide overhead rate of $10 per direct labor hour, what is the estimated unit product cost (Round your answer to 2 decimal places ) Previous attempt 12 Required information 12 What is the estimated finished goods inventory balance at the end of July, if the company always uses an estimated predetermined plantwide overhead rate of $10 per direct labor hour Previous attempt 13 Required information 13 What is the estimated cost of goods sold and gross margin for July, if the company always uses an estimated predetermined plantwide overhead rate of $10 per direct labor hour Previous attempt 14 Required information 14 What is the estimated total selling and administrative expense for July Previous attempt 15 Required information 15 What is the estimated net operating income for July, if the company always uses an estimated predetermined plantwide overhead rate of $10 per direct labor hour

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Morganton Company makes one product and it provided the following information to help prepare the master budget for its first four months of operations: a.

Morganton Company makes one product and it 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 $70. Budgeted unit sales for June, July, August, and September are 8,800, 19,000, 21,000, and 22,000 units, respectively. All sales are on credit.
b.	Thirty percent of credit sales are collected in the month of the sale and 70% in the following month.
c.	The ending finished goods inventory equals 20% of the following months unit sales.
d.	The ending raw materials inventory equals 10% of the following months raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.40 per pound.
e.	Twenty five percent of raw materials purchases are paid for in the month of purchase and 75% in the following month.
f.	The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor-hours.
g.	The variable selling and administrative expense per unit sold is $2.00. The fixed selling and administrative expense per month is $69,000.

Required information

Required:

1.	What are the budgeted sales for July?

Previous attempt

Required information

2.	What are the expected cash collections for July?

Previous attempt

Required information

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

Previous attempt

Required information

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

Previous attempt

Required information

5.	If 106,000 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July?

Previous attempt

Required information

6.	What is the estimated cost of raw materials purchases for July?

Previous attempt

Required information

7.	If the cost of raw material purchases in June is $140,352, what are the estimated cash disbursements for raw materials purchases in July?

Previous attempt

Required information

8.	What is the estimated accounts payable balance at the end of July?

Previous attempt

Required information

9.	What is the estimated raw materials inventory balance at the end of July?

Previous attempt

10.

Required information

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?

Previous attempt

11.

Required information

11.	If the company always uses an estimated predetermined plantwide overhead rate of $10 per direct labor-hour, what is the estimated unit product cost? (Round your answer to 2 decimal places.)

Previous attempt

12.

Required information

12.	What is the estimated finished goods inventory balance at the end of July, if the company always uses an estimated predetermined plantwide overhead rate of $10 per direct labor-hour?

Previous attempt

13.

Required information

13.	What is the estimated cost of goods sold and gross margin for July, if the company always uses an estimated predetermined plantwide overhead rate of $10 per direct labor-hour?

Previous attempt

14.

Required information

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

Previous attempt

15.

Required information

15.	What is the estimated net operating income for July, if the company always uses an estimated predetermined plantwide overhead rate of $10 per direct labor-hour?