Required information The Foundational 15 (Algo) [LO8-2, L08-3, L08.4, L08-5, L08-7. LO8-9, L08-10) 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 unt sales for June, July, August, and September are 9,200, 23,000, 25.000, and 26,000 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 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 A pounds of raw materials. The raw materials cost $250 per pound e Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the following month The direct labor wage rate is $13 per hour Each unit of finished goods teqsires two direct labor hours a. The variable selling and administrative expense per unit sold is $180 The fixed selling and administrative expense per month is 562.000 Foundational 8-2 (Algo) Foundational 8-2 (Algo) 2. What are the expected cash collections for July? Total cash collections 3. What is the accounts receivable balance at the end of July? nces Accounts receivable 4. According to the production budget, how many units should be produced in July? Required production units 5.1f 100,800 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July hees Raw materials to be purchased pounds 6.100.800 pounds of raw materials are needed to meet production in August what is the estimated cost of raw materials purchases for July? Costuwmaterials to be purchased 7. In July what are the total estimated cash disbursements for raw materials purchases? Assume the cost of raw material purchases in June is $131,040, and $100,800 pounds of raw materials are needed to meet production in August Tashantments es B:1 100 800 pounds of raw materials are needed to meet production in August, what is the estimated accounts payable balance at the end of July Accounts payable Foundational 8-9 (Algo) 9. 100,800 pounds of raw materials are needed to meet production in August, what is the estimated raw materials inventory balance at the end of July? Raw material balance eBook Foundational 8-10 (Algo) Print References 10. What is the total estimated direct labor cost for July? Total direct labor cost 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) Un productos rences 14. What is the estimated total selling and administrative expense for July? Total selling and administrative expenses
