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Required information

$[$The following information applies to the questions displayed below.$]$

Morganton Company makes one product and it provided the following information to help prepare the master budget:

a$.$ The budgeted selling price per unit is $$70.$ Budgeted unit sales for June, July, August, and September are $8,500,$

$16,000,18,000,$ and $19,000$ 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 $5$ pounds of raw materials. The raw materials cost $$2\mathrm{.}00$ per pound.

e$.$ Thirty percent of raw materials purchases are paid for in the month of purchase and $70\%$ in the following month.

$f.$ The direct labor wage rate is $$13$ per hour. Each unit of finished goods requires two direct labor$-$hours.

g$.$ The variable selling and administrative expense per unit sold is $$1\mathrm{.}70.$ The fixed selling and administrative expense per

month is $$66,000.$

Required:

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

$2.$ What are the expected cash collections for July?

$3.$ According to the production budget, how many units should be produced in July?

$4.$ If $91,000$ pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July?

$5.$ If $91,000$ pounds of raw materials are needed to meet production in August, what is the estimated cost of raw materials purchases for July?