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 8,600, 17,000,19,000, and 20,000 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 25% of the following month's unit sales 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 $2.40 per pound. e. Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% in the following month 1. The direct labor wage rate is $14 per hour. Each unit of finished goods requires two direct labor-hours. The variable selling and administrative expense per unit sold is $180 The fixed selling and administrative expense per month is $67000 3. What is the accounts receivable balance at the end of July? Accounts receivable S 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 8.600, 17000, 19,000, and 20,000 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 25% 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 $2.40 per pound e. Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% in the following month 1. The direct labor wage rate is $14 per hour. Each unit of finished goods requires two direct labor-hours g. The variable selling and administrative expense per unit sold is $180 The fixed selling and administrative expense per month is $67000 4. According to the production budget, how many units should be produced in July? Required production units Required information me 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 8.600, 17.000,19,000, and 20,000 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 25% 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 $2.40 per pound. e Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% in the following month The direct labor wage rate is $14 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 $67,000 5. 96,250 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July Raw materials to be purchased pounds 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 8,600, 17,000,19,000, and 20,000 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 The ending finished goods inventory equals 25% 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 $2.40 per pound e. Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% in the following month 1 The direct labor wage rate is $14 per hour Each unit of finished goods requires two direct labor-hours. 9 The variable selling and administrative expense per unit sold is $180. The fixed selling and administrative expense per month is $67.000 10 What is the total estimated direct labor cost for July? Total direct labor cost 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 8.600, 17,000. 19.000, and 20,000 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 25% 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 40 per pound e Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% in the following month 1 The direct labor wage rate is $14 per hour Each unit of finished goods requires two direct labor hours 9. The variable selling and administrative expense per unit sold is $180. The fixed selling and administrative expense per month is $67000 13. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $6 per direct labor hour, what is the estimated cost of goods sold and gross margin for July Estimated cost of goods sold Estimated gross margin 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 8,600, b. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month The ending finished goods inventory equals 25% 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 $2.40 per pound e. Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% in the following month 1. The direct labor wage rate is $14 per hour Each unit of finished goods requires two direct labor hours. a. The variable selling and administrative expense per unit sold is $1.80. The fixed selling and administrative expense per month is $67000 14. What is the estimated total selling and administrative expense for July Total selling and administrative expenses 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 8,600, 17,000, 19,000, and 20,000 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 The ending finished goods inventory equals 25% 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 $2.40 per pound e Thirty five percent of raw materials purchases are paid for in the month of purchase and 65% in the following month 1. The direct labor wage rate is $14 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $180. The fixed selling and administrative expense per month is $67000 15. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $6 per direct labor-hour, what is the estimated net operating income for July? Net operating incomo