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 $65. Budgeted unit sales for June, July. August, and September are 8,200 , 12,000,14,000, and 15,000 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 $2.00 per pound e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month. f. The direct labor wage rate is $13 per hour. Each unit of finished goods requires two direct labor-hours: 9. The variable selling and administrative expense per unit sold is $1.30. The fixed selling and administrative expense per month is $62.000 15. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $8 per direct labor-hour, what is the estimated net operating income for July