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 information to help prepare the master budget a The budgeted seling 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 equais 10% of the following month's taw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.00 per pound. e. Thirty 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 finished goods requires two direct labor-hours. 9 The variable seling and administrative expense per unit sold is $170. The fixed selling and administrative expense per month is $66,000 Foundational 8-1 (Algo) Required: 1 What are the budgeted sales for July? 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 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 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 of finished goods requires 5 pounds of raw materials. The raw materials cost $200 per pound e. Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the foliowing 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 $170. The fixed selling and administrative expense per month is $66,000 Foundational 8-2 (Algo) 2. What are the expected cash collections for July? 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 tho questions displayod 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 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%6 of the following month's unit sales. d. The ending faw matecials inventory equals 105 of the following month's raw materials producton needs. Each unit of finished goods requires 5 pounds of raw materials. The row materials cost $2.00 per pound e. Thirty 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 finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $170. The fixed selling and administrative expense per month is $66,000. Foundational 8-3 (Algo) 3. What is the accounts receivable balance at the end of Jaly