Required information The Foundational 15 (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 8.400, 10,000, 12,000, and 13,000 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 $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 $15 per hour. Each unit of finished goods requires two direct labor hours g. The variable selling and administrative expense per unit sold is $180. The fixed selling and administrative expense per month is $60.000 Foundational 8-14 14. What is the estimated total selling and administrative expense for July Tutalling and administrative panses $ 18,000 e to search Et O Required information The Foundational 15 (L08-2. LO8-3, L08-4, 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 8,400, 10,000. 12,000, and 13,000 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 following month 1. The direct labor wage rate is $15 per hour. Each unit of finished goods requires two direct labor hours. 9. The variable selling and administrative expense per unit sold is $180. The fixed selling and administrative expense per month is $60,000 Founciational 8.15 15. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $10 per direct labor hour what is the estimated net operating income for July? Not operating Income