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Required Information [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 9,800 , 29,000,31,000, and 32,000 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 20% of the following month's unit sales. d. The ending raw materlals inventory equals 10% of the following month's raw materlals production needs. Each unit of finished goods requires 4 kllograms of raw materlals. The raw materlals cost $2.50 per kllogram. e. Thirty percent of raw materlals purchases are pald for in the month of purchase and 70% in the following month. f. The direct labour wage rate is $15 per hour. Each unlt of finished goods requires two direct labour-hours. g. The varlable selling and administratlve expense per unit sold is $1.80. The fixed selling and administratlve expense per month is $68,000. 15. What is the estimated operating income for July? Answer is complete but not entirely correct