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 $60. Budgeted unit sales for June July August, and September are 9.800, 29,000, 31,000 and 32,000 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 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 4 pounds of raw materials. The raw materials cost $2.50 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 Inbor wage rate is $15 per hour Each unit of finished goods requires two direct labor-hours. g. The variable selling and administrative expense per unit sold is $1.80. The fixed selling and administrative expense per month is $68,000 6. 124,800 pounds of raw materials are needed to meet production in August, what is the estimated cost of raw materials purchases for July? Cont of uw materials to be purchased 7. In July what are the total estimated cash disbursements for raw materials purchases? Assume the cost of raw material purchases in June is $152,160 and $124,800 pounds of raw materials are needed to meet production in August Tons 8. If 124,800 pounds of raw materials are needed to meet production in August what is the estimated accounts payable balance at the end of July? Ancounts payable y and administrative expense per 9. If 124,800 pounds of raw materials are needed to meet production in August, what is the estimated raw materials inventory balance at the end of July? Raw material inventory balance 11. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 per direct labor hour what is the estimated unit product cost? (Round your answer to 2 decimal places.) Lint productos 12. W we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 per direct labor-hour, what is the estimated finished goods inventory balance at the end of July? Ending finished goods inventory 5 5.200 13. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 per direct labor-hour what is the estimated cost of goods sold and gross margin for July? Estimated cost of goods sold Estimated gross maran 15. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 per direct labor hour, what is the estimated net operating income for July? Not operating income
