morganton Lompany makes one proouct and it provided the tonowing inrormation to neip prepare the master duagec: a. The budgeted setting price per unit is $60. Budgeted unit sales for June, July, August, and September are 8.900. 20,000,22,000, and 23,000 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 equais 20% of the following month's unit sales. d. The ending row materiaks irventory equats 10% of the following month's row materiats production needs. Each unit of finished goods requires 5 pounds of raw materiats. The raw materiais cost $2.50 per pound. e. Thirty percent of rew materials purchases are paid for in the month of purchase and 70% in the following month. 1. The direct labor wage rote is $13 per hour. Each unit of finished goods requires two direct labor-hours: 9. The variable setiog ond administrative expense per unit sold is $1.50. The fixed selling and administrative expense per monthis $70,000 Foundational 8-13 (Algo) What is the chtimated cost of goods sold and gross margin for July