{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-29T01:04:10-04:00", "answer_date": "2024-06-29 01:04:10", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4434640", "url": "\/study-help\/questions\/required-information-the-foundational-15-algo-lo82-lo83-lo84-lo85-4434640", "question_creation_date_js": "2024-06-29T01:04:10-04:00", "question_creation_date": "Jun 29, 2024 01:04 AM", "meta_title": "[Solved] Required information The Foundational 15 | SolutionInn", "meta_description": "Answer of - Required information The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following info | SolutionInn", "meta_keywords": "required,information,foundational,15,algo,lo8-2,lo8-3,lo8-4,lo8-5,lo8-7,lo8-9,lo8-10", "question_title_h1": "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", "question_title": "Required information The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9,", "question_title_for_js_snippet": "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 $65 Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 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 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 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 $14 per hour Each unit of finished goods requires two direct labor hours g The variable selling and administrative expense per unit sold is $190 The fixed selling and administrative expense pe month is $63,000 Foundational 8 1 (Algo) Required 1 What are the budgeted sales for July Budgeted sales", "question_description": "
\"image<\/div><\/div><\/div> 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 $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 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 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. 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 $14 per hour. Each unit of finished goods requires two direct labor-hours. g. The variable selling and administrative expense per unit sold is $190. The fixed selling and administrative expense pe month is $63,000. Foundational 8-1 (Algo) Required: 1. What are the budgeted sales for July? Budgeted sales", "transcribed_text": "", "related_book": { "title": "Intermediate Accounting", "isbn": "470964731, 978-0470964736, 978-0470161012", "edition": "9th Canadian Edition, Volume 2", "authors": "Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/516.jpg", "uri": "\/textbooks\/intermediate-accounting-9th-canadian-edition-volume-2-516", "see_more_uri": "" }, "free_related_book": { "isbn": "022666600X", "uri": "\/textbooks\/fully-grown-why-a-stagnant-economy-is-a-sign-of-success-1st-edition-9780226666006", "name": "Fully Grown Why A Stagnant Economy Is A Sign Of Success", "edition": "1st Edition" }, "question_posted": "2024-06-29 01:04:10", "see_more_questions_link": "\/study-help\/questions\/business-human-resource-management-2020-May-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/a-string-fixed-at-both-ends-is-840-m-long", "description": "A string fixed at both ends is 8.40 m long and has a mass of 0.120 kg. It is subjected to a tension of 96.0 N and set oscillating. (a) What is the speed of the waves on the string? 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