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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 production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.00 per pound. 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 9. The varlable selling and administrative expense per unit sold is $1.80. The fixed selling and administrative expenise per month is $60,000. Foundational 8-3 (Static) 3. What is the accounts recelvable balance at the end of July? 4. According to the production budget, how many units should be produced in July? 5. If 61,000 pounds of raw materials are needed to meet production in August, how many pounds of rw materials should be purchased in July? 6. If 61,000 pounds of raw materials are needed to meet production in August, what is the estimated cost of raw materials purchases for July? 7. In July what are the total estimated cash disbursements for raw materials purchases? Assume the cost of raw material purchases in June is $88,880; and 61,000 pounds of raw materiais are needed to meet production in August. 8. If 61,000 pounds of raw materials are needed to meet production in August, what is the estimated accounts payable balance at the end of July? 9. If 61,000 pounds of raw materials are needed to meet production in August, what is the estimated raw materials inventory balance at the end of July

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