Required information The Foundational 15 (Static) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information applies to the questions displayed below.] Morganton Compony 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 saie 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 105 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. 9. The variable selling and administrative expense per unit sold is $1.80. The fixed selling and administrative expense per month is $60,000. Foundational 8-6 (Static) 6. If 61,000 pounds of raw materials are needed to meet production in August, what is the estimated cost of raw materials purchases for July? Required information The Foundational 15 (Static) [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 tielp prepsre the masser budget: a. The budgeted selling peice per unit is $70. Budgeted unit sales for June, Jully. August, and September are 8,400. 10,000,12,000, and 13,000 units, fespectively. 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 irventory equals 10% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of faw materials. The row materials cost $200 per pound. c. Thirty percent of raw materials purchases are paid for in the menth of purchase and 7os in the followng month. t. The direct labor wage rate is $15 per hour, Each unit of tinished goods requires two direct labor hours. g. The variable selling and administrative expense per unit sold is $1.80. The fired selling and adminstrative expense por month is $60,000 Foundational 8-7 (Static) 7. In July what are the total estimated cash disbursements for raw materials purchases? Assume the cost of taw material purchases in June is $88,880; and 61,000 pounds of raw materials are needed to meet production in August. Required information The Foundational 15 (Static) [LO8-2, LO8-3, LO8-4, LOB-5, LOB-7, LO8-9, LO8-10] [The following informatian appives to the questians displayed betow.] Morganton Company makes one product and it provided the following information to help prepare the mastee budget. a. The buigeted selling price per unit is $70. Budgetod unit saies foc June, July, August, and September are 8,400. 10,000,12,000, and 13,000 units, respectively. All saies are on credit. b. Forty percent of credit sales are collected in the month of the sale and 600 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 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 goeds requires two direct labor-hour's. 9. The variable selling and administrative expense per unt sold is $180. The fixed solling and administrative expense per month is 560.000. Foundational 8-8 (Static) 8. If 61,000 pounds of raw materials are needed to meet production in August, what is the estimated accounts paysble baiance at the end of July