Required information The Foundational 15 (Algo) (L08-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10) (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 9,500, 26,000, 28,000, and 29,000 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. d. The ending raw materials inventory equals 15% of the following month's raw materials production needs. Each unit of finished goods requires 4 pounds of raw materials. The raw materials cost $2.40 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 $12 per hour. Each unit of finished goods requires two direct labor-hours. g. The variable selling and administrative expense per unit sold is $1.50. The fixed selling and administrative expense per month is $65,000 "eferences Foundational 8-10 (Algo) 10. What is the total estimated direct labor cost for July? Total direct labor cost rences Foundational 8-11 (Algo) 11. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $8 per direct labor-hour, what is the estimated unit product cost? (Round your answer to 2 decimal places.) Unit product cost rences Foundational 8-12 (Algo) 12. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $8 per direct labor-hour what is the estimated finished goods inventory balance at the end of July? Ending finished goods inventory $ 159,250 Foundational 8-13 (Algo) 13. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $8 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 Foundational 8-14 (Algo) 14. What is the estimated total selling and administrative expense for July? Total selling and administrative expenses Foundational 8-15 (Algo) 15. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $8 per direct labor-hour, what is the estimated net operating income for July? Net operating income