Required information [The following information applies to the questions displayed below.] Morganton Company makes one product and provided the following information to help prepare its master budget: a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July. August, and September are 8,700 , 18,000,20,000, and 21,000 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 30% of the following month's unit sales. d. The ending raw materials inventory equals 20% 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. Forty percent of raw materials purchases are paid for in the month of purchase and 60% in the following month. f. The direct labor 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 $1.90. The fixed selling and administrative expense per month is $68,000. 2. What are the expected cash collections for July? Answer is complete but not entirely correct. Required information [The following information applies to the questions displayed below.] Morganton Company makes one product and provided the following information to help prepare its master budget: a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 8,700 , 18,000,20,000, and 21,000 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 30% of the following month's unit sales. d. The ending raw materials inventory equals 20% 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. Forty percent of raw materials purchases are paid for in the month of purchase and 60% in the following month. f. The direct labor wage rate is $15 per hour. Each unit of finished goods requires two direct lobor-hours. 9. The variable selling and administrative expense per unit sold is $1.90. The fixed selling and administrative expense per month is $68,000. 3. What is the accounts receivable balance at the end of July? Required information [The following information applies to the questions displayed below.] Morganton Company makes one product and provided the following information to help prepare its master budget: a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 8,700 , 18,000,20,000, and 21,000 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 30% of the following month's unit sales. d. The ending raw materials inventory equals 20% 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. Forty percent of raw materials purchases are paid for in the month of purchase and 60% in the following month. f. The direct labor 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 $1.90. The fixed selling and administrative expense per month is $68,000. 4. What is the estimated production in units for July? Required information [The following information applies to the questions displayed below.] Morganton Company makes one product and provided the following information to help prepare its master budget: a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July. August, and September are 8,700 , 18,000,20,000, and 21,000 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 30% of the following month's unit sales. d. The ending raw materials inventory equals 20% 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. Forty percent of raw materials purchases are paid for in the month of purchase and 60% in the following month. f. The direct labor 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 $1,90. The fixed selling and administrative expense per month is $68,000. 5. If 101,500 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July? Required information [The following information applies to the questions displayed below] Morganton Company makes one product and provided the following information to help prepare its master budget: a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 8,700 . 18,000,20,000, and 21,000 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 30% of the following month's unit sales. d. The ending raw materials inventory equals 20% 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. Forty percent of raw materials purchases are paid for in the month of purchase and 60% in the following month. f. The direct labor wage rate is $15 per hour. Each unit of finihed goods requires two direct labor-hours. g. The variable selling and administrative expense per unit sold is $1.90. The fixed selling and administrative expense per month is $68,000. 6. If 101,500 pounds of raw materials are needed to meet production in August, what is the estimated cost of raw materials purchases for July