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 8,500, 16,000, 18,000, and 19,000 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 finished goods requires 5 kilograms of raw materials. 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. f. The direct labour wage rate is $13 per hour. Each unit of finished goods requires two direct labour-hours. g. The variable selling and administrative expense per unit sold is $1.70. The fixed selling and administrative expense per month is $66,000. 8. What is the estimated accounts payable balance at the end of July? Accounts payable 11. If the company always uses an estimated predetermined plantwide overhead rate of $8 per direct labour-hour, what is the estimated unit product cost? (Round your answer to 2 decimal places.) Unit product cost 13. What is the estimated cost of goods sold and gross margin for July? (Round intermediate calculations to 2 decimal places.) Estimated cost of goods sold Estimated gross margin 15. What is the estimated operating income for July? Net operating income