Use the information given in items a through g to prepare the master budget for AUGUST Required: Prepare the following budgets for August 1. Sales 2. Schedule of expected cash collections 3. Production 4. Direct materials 5. Schedule of Expected Cash disbursements for purchases of materials 6. What is estimated accounts payable balance at the end of August? 7.What is the estimated raw material balance at the end of August? 10.Prepare a direct labor budget for August. 11. If we assume that fixed manufacturing overhead cost is $50,000 and variable manufacturing overhead cost is $10.00 per direct labor hour, Prepare a manufacturing overhead budget for August. 12. Prepare a selling and administrative expense budget for August. 13. Compute the unit product cost. show your calculations 14. What is the estimated finished goods inventory balance at cost the end of August? 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 raw materials inventory equals 10% of the following month's raw materials duction needs. Each unit of finished goods requires 5 pounds of raw materials. The raw mate- rials cost $2.00 per pound. pro- 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 and administrative expense per unit sold is $1.80. The fixed selling and administrative expense per month is $60,000