Required information The Foundational 15 (Algo) [LO8-2, 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 informotion to help prepare the master budget a. The budgeted selling price per unit is $70. Budgeted unit soies 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 equols 10% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of row matenals. The raw materials cost $200 per pound. 2. Thity percent of raw materials purchases are paid for in the month of purchase ond 70% in the following month f. The drect 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 $1.70. The fixed selling and administratve expense per month is $66.000 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? Required information The Foundational 15 (AlgO) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The followitg 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 $70. Budgeted unit sales for June. July. August and September are 8,500. 16,000,18,000, and 19.000 unas, 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 soles d. The ending raw materials inventory equals 10% of the following month's raw materials production neveds Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.00 per pound e. Thity percent of raw materials purchases are paid for in the month of purchase and 70% in the following month f. The direct labor wage rate is $13 per hour. Each unit of finshed goods requires two direct labor-hours. 9. The voriable selling and administrative expense per unit sold is $170 The fored selling and administrative expense per month is $66,000 Foundational 8-14 (Algo) 14. Whot is the estimated total selling and administrative experise for July? Required information The Foundational 15 (AlgO) [LO8-2, LOB-3, LO8.4, LO8-5, LO8-7, LO8-9, LO8-10] (The following information apples to the questions displayed below] Morganton Company makes one product and it provided the foliowing information to help prepare the master budget 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 soles are on credit. b. Forty percent of credit soles are collected in the month of the sale and 60% in the following month c. The ending finished goods inventory equals 20s of the following month's unit soles. d. The ending row materials inventory equals 10% of the following month's faw materials production needs. Each unit of finished goods requires 5 pounds of raw matenals. The raw materials cost $200 per pound. e. Thirty percent of raw materials purchases are poid for in the month of purchase and 70% in the fcllowing month. f. The direct labor wage rate is $13 per hour. Each unit of fintshed goods requires wo direct laborthours. 9 The variable selling and administratve expense per unit sold is $170. The fixed selling and administrative expense per month is $66.000 Foundational 815 (Algo) 15 If we assume that there is no foxed manufactuning overhead and the variable monufacturing overhead is $8 per direct labor hour, what is the estimoted net operating income for July