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[The following information applies to the questions displayed beiow.] Morganton Company makes one product, and has provided the following information to help prepare the master budget for its first four months of operations: a. The budgeted selling price per unit is $60. Budgeted unit sales for June, July. August, and September are 8,000, 11,000 , 13,000 , and 14,000 units, respectively. All sales are on credit. b. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month. c. The ending finished goods inventory equals 25% 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 kllograms of raw materials. The raw materials cost $2.20 per kllogram. e. Twenty percent of raw materials purchases are poid for in the month of purchase and 80% in the following month. f. The direct labour wage rate is $12 per hour. Each unit of finished goods requires two direct labour-hours. g. The variable selling and administrative expense per unit sold is $1.20. The fixed selling and administrative expense per month is $61,000. 2. What are the expected cash collections for July? [The following information applies to the questions displayed below.] Morganton Company makes one product, and has provided the following information to help prepare the master budget for its first four months of operations: a. The budgeted selling price per unit is $60. Budgeted unit sales for June, July. August, and September are 8,300 , 14,000,16,000, and 17,000 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 25% 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 kilograms of raw materials. The raw materials cost $2.00 per kilogram. c. Forty percent of raw materials purchases are paid for in the month of purchase and 60% in the following month. f. The direct labour wage rate is $15 per hour. Each unit of finished goods requires two direct labour-hours. g. The variable selling and administrative expense per unit sold is $1.50. The fixed selling and administrative expense per month is $64,000. 2. What are the expected cash collections for July