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Why are these answers wrong? Thank you 13 0 Required information The following information applies to the questions displayed below. Morganton Company makes one product

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13 0 Required information 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: Part 13 of 15 points a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July. August, and September are 8,700 8,000, 20,000, and 21,000 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 30% of the following month's unit sales. d. The ending raw materials inventory equals 20% of the following month's raw materials production needs. Each unit of eBook finished goods requires 5 pounds of raw materials. The raw materials cost $2.00 per pound. e. Forty percent of raw materials purchases are paid for in the month of purchase and 60% 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 $1.90. The flxed selling and administrative expense per Print month is $68,000. References 13. What is the estimated cost of goods sold and gross margin for July? Estmated cost of goods sold Estimated gross margin 128,000

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