Required information The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LOB-7, LO8-9, LO8-10] [The following information applies to the questions displayed bolow.] 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 $65. Budgeted unit sales for June, July. August, and September are 9,600 , 27,000,29,000, and 30,000 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 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 4 pounds of raw materials. The raw materials cost $2.50 per pound. e. Twenty five percent of raw materials purchases are paid for in the month of purchase and 75% in the following month. f. The direct labor wage rate is $13 per hour, Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $1.60. The fixed selling and administrative expense per month is $66,000. Foundational 813( Algo) 13. If we assume that there is no fixed manufacturing overhead and the varlable manufacturing overhead is $9 per direct labor-hour. What is the estimated cost of goods sold and gross margin for July