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Required information The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LOB-10] (The following information applies to the questions disployed beiow] Morganton Company makes one product and it provided the following information to help prepare the master budget a. The budgeted seling price per unit is $65, Budgeted unit sales for June, July, August and September are 9,600, 27,000, 29,000, and 30,000 units, rospectively All sales ore 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 30% of the following month's unit sales. a. The ending raw materials inventory equals 20% of the following month's row materials production needs. Eoch unit of finished goods requires 4 pounds of raw materials. The row materials cost $2.50 per pound e. Twenty five percent of raw materials purchases are paid for in the month of purchase ond 75% in the foliowing month. f. The ditect labor wage rate is $13 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling ond administrative expense per unit sold is $160. The fixed selling and administrative expense per month is $66,000. Foundational 812 (Algo) 2. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $9 per direct labor hour. What is the estimated finished goods inventory balance at the end of July? 13. If we assume that there is no fixed manufacturing overhead and the variabie manufacturing overhead is $9 por direct laborahour what is the estimated cost of goods sold and gross margin for July? 14. What is the estimated total seling and administrative expense for July? 15. If we assume that there is no fixed manufacturing overheod and the varlable manufacturing overheod is $9 per direct labor-hour. What is the estimated net operating income for July