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 budper 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. Ali 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 monthis unit sales d. The ending raw materials inventory equals 10% of the following month's raw moterials 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 row materials purchases are paid for in the month of purchase and 705 in the following month. f. The direct labor wage tate is $13 per hour. Each unit of finished goods requires two direct labor-hours 9. The variable selling and odministrative expense per unit sold is $170. The fixed selling and administrative expense per month is $66.000 Foundational 8-7 (Algo) 7. In July what are the total estimated cash disbursements for row materials purchases? Assume the cost of row material purchases in June is $106.400; and 91.000 pounds of raw materials are needed to meet production in August 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 dispiayd bovow] Morgonton 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 Septomber are 8,500 . 16,000,18,000, and 19,000 units, respectively Al sales are on credit. b. Forty percent of credit sales are collected in the month of the sale and 608 in the following month. c. The ending finished goods inventory equals 20% of the following month's unit sales. d. The ending raw moterials inventory equals 10% of the following month's rew materials production needs. Ench unit of finished goods requires 5 pounds of row materials. The raw materials cost $2.00 per pound e. Thirty percent of raw materials purchases are paid tor in the month of purchase and 708 in the foilowing month. f. The direct labor wage rate is $13 per hour Each unit of finished goods requires two direct labor hours. 9. The varable selling and administrative expense per unit sold is $170 The fixed selling and administrative expense pert month is $66.000 Foundational 88 (Algo) 8. If 91000 pounds of row mateials ore needed to meet production in August, whot is the estimated accounts payable balonce at the and of July? Required information The Foundational 15 (AlgO) [LO8-2, LOB-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information applies to the questions displayed below] Mogganton Company makes ane product and it provided the following information to help prepare the mastor 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 followng 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 row 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 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 8-9 (Algo) 9. If 91,000 pounds of raw materials are needed to meet production in August, what is the estimated raw materials inventory balonce at the end of July