Required Information [The following information applies to the questions displayed below) Morganton Company makes one product, and has provided the following information to help prepare the master budget for its first four months of operations a. The budgeted selling price per unit is $70. Budgeted unit sales for June, July, August, and September are 8,400, 10,000, 12,000, and 13,000 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 kilograms of raw matenals. The raw materials cost $2.00 per kilogram e. Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the following month. The direct labour wage rate is $15 per hour Each unit of finished goods requires two direct labour-hours g. The vantable selling and administrative expense per unit sold is $1.80. The fixed selling and administrative expense per month is $60,000 Required: 1. What are the budgeted sales for July? 2. What are the expected cash collections for July? Total cash collections 3. What is the accounts receivable balance at the end of July? Accounts receivable 4. According to the production budget, how many units should be produced in July? Required production units 5. If 61,000 kilograms of raw materials are needed to meet production in August, how many kilograms of raw materials should be purchased in July? Raw materials to be purchased Kilograms 6. What is the estimated cost of raw materials purchases for July? Cost of raw materials to be purchased 7. If the cost of raw material purchases in June is $88,880, what are the estimated cash disbursements for raw materials purchases in July? Total cash disbursements 8. What is the estimated accounts payable balance at the end of July? Accounts payable 9. What Is the estimated raw materials Inventory balance at the end of July? Raw material inventory balance 10. What is the total estimated direct labour cost for July assuming the direct labour workforce is adjusted to match the hours required to produce the forecast number of units produced? Total direct labour enst 11. If the company always uses an estimated predetermined plantwide overhead rate of $10 per direct labour-hour, what is the estimated unit product cost? Unit product cost 12. What is the estimated finished goods inventory balance at the end of July? Ending finished goods inventory 13. What is the estimated cost of goods sold and gross margin for July? Estimated cost of goods sold Estimated gross margin 14. What is the estimated total selling and administrative expense for July? Total selling and administrative expenses