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 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 soles are on credit. b. Forty percent of credit soles 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 row materials cost $2.00 per pound. e. Thirty percent of row 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 voriable selling and administrative expense per unit sold is $1.80. The fixed selling and administrative expense per month is $60.000 Foundational 8-10 (Static) 10. What is the total estimated direct labor cost 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 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 soles 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 row 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 voriable selling and administrative expense per unit sold is $180. The fixed selling and administrative expense per month is $60.000. Foundational 8-13 (Static) 13. If we, assume that there is no fixed manufocturing overhead and the variable manufocturing overhead is $10 per direct labor-hour, What is the estimated cost of goods sold and gross margin for July? The Foundational 15 (Static) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information opplies to the questions displayed below] Morganton Company makes one product and it provided the following information to heip prepare the master budget: a. The budgeted selling price per unit is $70. Budgeted unit soles 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 soles. 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 row materials. The raw materials cost $200 per pound. e. Thirty percent of row materials purchoses are paid for in the month of purchase ond 70% in the following month. f. The direct labor wage rate is $15 per hour. Each unit of finished goods requires two direct lobor-hours. g. The variable selling and administrative expense per unit sold is $1.80. The fixed selling and administrative expense per month is $60,000. Foundational 8-14 (Static) 14. What is the estimated total selling and administrative expense for July? Required informotion The Foundational 15 (Static) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following informotion opplies 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, ond September are 8,400 , 10,000,12,000, and 13,000 units, respectively. All soles 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. f. The direct labor wage rate is $15 per hour. Each unit of finished goods requires two direct labor-hours. 9. The varibble selling and administrotive expense per unit sold is $1.80. The fixed selling and administrative expense per month is $60.000. Eoundational 8-15 (Static) 5. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $10 per direct labor-hour, hat is the estimated net operating income for July? Required information The Foundational 15 (Static) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following informotion opplies 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 soles 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 ond administrative expense per unit sold is $1.80. The fixed selling and administrative expense per month is $60,000. Foundational 8-2 (Static) 2. What are the expected cash collections 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 opplies 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, ond 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 row 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 $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 8.7 (Static) In July what are the total estimated cash disbursements for raw materials purchases? Assume the cost of raw material purchases in Ine 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, 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 soles. 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 row 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 8-3 (Static) 3. What is the accounts receivoble bolance ot the end of 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 disployed 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 row 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 moterials cost $2.00 per pound. e. Thirty percent of row materials purchases are paid for in the month of purchase and 70% in the following month f. The direct lobor 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 Foundational 8-8 (Static) 8. If 61,000 pounds of row materials are needed to meet production in August, what is the estimated accounts payoble balance at the end of July