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5. If 66,250 pounds of raw materlals are needed to meet production in August, how many pounds of raw materials should be purchased in July? Required information The Foundational 15 (Algo) [LO8-2, L08-3, LO8-4, L08-5, L08-7, L08-9, LO8-10] The following information applies fo the questions displayed betow] Morganton Company makes one product and provided the following information to help prepare its master budget: a. The budgeted selling price per unit is $60. Fudgeted unit sates for Junc, July. August. and September are 8.000 . 11,000,13,000, and 14,000 units, respectively. Ail sales are on credit. b. Thity percent of credit sales are collected in the month of the sale and 702 in the following month. c. The ending fintshed goods inventory equals 25% of the following month's urit sales. d. The ending raw materials inventory equals 10% of the following month's raw materials production needs. Each unit of finished goods recuires 5 pounds of raw materiak. The row materifits cost $2.20 per pound. e. Iwerify percent of raw materials parchases are paid for in the month of purchase and 80s in the following month. t. The diect labor wage rate is $12 per hour. Each unit of finshed goods requires two direct labor hours 9. The variable seling and administrative expense per unt sold is $1.20. The fixed selling and administrative expense per month is $61,000 Foundational 8.1 (Algo) Required: 1. What are the bodgeted sales for July? 10. What is the total estimated direct labor cost for July? 4. What is the estimated production in units for July? 2. What are the expected cash collections for July