Required information The Foundational 15 (Algo) (LO8-2, LO8-3, L08-4, LO8-5, LO8-7, LO8-9, LO8-10) [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: a. The budgeted selling price per unit is $60. Budgeted unit sales for June July August, and September are 8,300, 14,000, 16,000, and 17,000 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 25% 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. 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. 9. The variable selling and administrative expense per unit sold is $1.50. The fixed selling and administrative expense per month is $64,000. Foundational 8-2 (Algo) 2. What are the expected cash collections for July? Total cash collections Required information The Foundational 15 (Algo) (LO8-2, LO8-3, L08-4, LOB-5, LOB-7, LOB-9, LOB-10) [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 a. The budgeted selling price per unit is $60. Budgeted unit sales for June July August, and September are 8,300, 14.000, 16.000, and 17000 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 25% 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. Forty percent of raw materiais purchases are paid for in the month of purchase and 60% in the following month 1. The direct labor wage rate is $15 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $150. The fored selling and administrative expense per month is $64,000 Foundational 8-1 (Algo) Required: 1. What are the budgeted sales for July? Budgeted sales Required information The Foundational 15 (Algo) (LO8-2, LO8-3, L08-4, LOB-5, LO8-7, LOB-9, LO8-10) [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 a. The budgeted selling price per unit is $60. Budgeted unit sales for June July August, and September are 8,300, 14,000, 16,000, and 17,000 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 25% of the following month's unit sales. d. The ending raw materials inventory equals 10% of the following month's raw materiais production needs. Each unit of 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. t. 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 $150. The fixed selling and administrative expense per month is $64,000 Foundational 8-3 (Algo) 3. What is the accounts receivable balance at the end of July? Accounts receivable Required information The Foundational 15 (Algo) (LOB-2, LO8-3, LO8-4, LOB-5, LO8-7, LO8-9, LO8-10) [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 bu a. The budgeted selling price per unit is $60. Budgeted unit sales for June July August, and September are 8,300, 14,000, 16,000, and 17.000 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 25% of the following month's unit sales d. The ending raw materials inventory equals 10% of the following month's raw materiais production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.00 per pound. e. Forty percent of raw materials purchases are pald 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. 9. The variable selling and administrative expense per unit sold is $1.50. The fixed selling and administrative expense per month is $64,000 Foundational 8-4 (Algo) 4. According to the production budget, how many units should be produced in July? Required production units Required information The Foundational 15 (Algo) [LOB-2, LOB-3, LOB 4, LOB-5, LOB-7, LO8-9, LOB-10) 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 a. The budgeted selling price per unit is $50. Budgeted unit sales for June July August, and September are 8.300, 14,000, 16,000, and 17000 units, respectively. All sales are on credit b. Forty percent of credit sales are collected in the month of the sale and 50% in the following month c. The ending finished goods inventory equals 25% of the following month's unit ses d. The ending raw materials inventory equals 10% of the following mo's raw materiais production needs. Each unit of 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 follo The direct inbor wage rate is $15 per hour. Each unit of finished goods requires two direct labor-hou 9. The variable selling and administrative expense per unit sold is $150. The feed selling and administrative expense per month is $64.000 Foundational 8.5 (Algo) 5.481,250 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July Raw materials to be purchased (pounde The Foundational 15 (Algo) [LO8-2, L08-3, L08-4, LO8-5, LO8-7, LO8-9, L08-10] [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 a. The budgeted selling price per unit is $60. Budgeted unit sales for June, July August, and September are 8,300. 14,000, 16,000, and 17000 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 25% 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. 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. o. The variable selling and administrative expense per unit sold is $1.50. The foxed selling and administrative expense per month is $64,000. Foundational 8-6 (Algo) 6.16 81,250 pounds of raw materials are needed to meet production in August, what is the estimated cost of raw materials purchases for July? Cost of raw materials to be purchased Required information The Foundational 15 (Algo) (LO8-2, LOB-3, LOB-4, LOB-5, LO8-7, LO8-9, LO8-10) [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 8. The budgeted selling price per unit is $60. Budgeted unit sales for June July August, and September are 8,300, 14,000, 16,000, and 17.000 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 25% 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. Forty percent of raw materials purchases are paid for in the month of purchase and 60% in the following month. 1. The direct labor wage rate is $15 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $1.50. The feed selling and administrative expense per month is $64,000 Foundational 8-7 (Algo) 7. In July what are the total estimated cash disbursements for raw materials purchases? Assume the cost of raw material purchases in June is $102,025; and $81.250 pounds of raw materials are needed to meet production in August Total cash disbursonunda Required information The Foundational 15 (Algo) [LO8-2, L08-3, LO8-4, LOB-5, LO8-7, LOB-9, LO8-10) [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 a. The budgeted selling price per unit is $60. Budgeted unit sales for June July August, and September are 8,300. 14,000, 16.000, and 17,000 units, respectively. All sales are on credit. b. Forty percent of credit sales are collected in the month of the sale and 50% in the following month. c. The ending finished goods inventory equals 25% 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. Forty percent of raw materials purchases are paid for in the month of purchase and 60% in the following month. t. The direct labor wage rate is $15 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $150. The fored selling and administrative expense per month is $64,000 Foundational 8-8 (Algo) 8.1781,250 pounds of raw materials are needed to meet production in August, what is the estimated accounts payable balance at the end of July? Accounts payable Required information The Foundational 15 (Algo) (LOB-2, LO8-3, LO8-4, LOB-5, LO8-7, LOB-9, LO8-10] [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 a. The budgeted selling price per unit is $60. Budgeted unit sales for June July August, and September are 8,300, 14,000, 16,000, and 17.000 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 25% 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. Forty percent of raw materials purchases are paid for in the month of purchase and 60% in the following month. 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 $1.50. The feed selling and administrative expense per month is $64,000 Foundational 8-9 (Algo) 9.11 81,250 pounds of raw materials are needed to meet production in August, what is the estimated raw materials inventory balance at the end of July? Raw material inventory balance Required Information The Foundational 15 (Algo) (LOB-2, LOB-3, LOB-4, LOB-5, LO8-7, LOB-9, LOB-10) [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 a. The budgeted selling price per unit is $60. Budgeted unit sales for June July August, and September are 8.300, 14,000, 16,000, and 17000 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 25% 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. Forty percent of raw materials purchases are paid for in the month of purchase and 60% in the following month. t The direct labor wage rate is $15 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $150. The fixed selling and administrative expense per month is $64,000 Foundational 8-10 (Algo) 10. What is the total estimated direct lobor cost for July? Total direct labor con The Foundational 15 (Algo) (LOB-2, LO8-3, LO8-4, LO8-5, LOB-7, LO8-9, LO8-10) 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 a. The budgeted selling price per unit is $60. Budgeted unit sales for June July August, and September are 8,300, 14,000, 16,000, and 17,000 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 25% 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. Forty percent of raw materials purchases are paid for in the month of purchase and 60% in the following month. The direct labor wage rate is $15 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $150. The fixed selling and administrative expense per month is $64,000 Foundational 8-11 (Algo) 11. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $6 per direct labor-hour. what is the estimated unit product cost? (Round your answer to 2 decimal places.) Unit product cout Required information The Foundational 15 (Algo) (LO8-2, LO8-3, L08-4, LO8-5, LO8-7, LO8-9, LO8-10) [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 a. The budgeted selling price per unit is $60. Budgeted unit sales for June July August, and September are 8,300, 14,000, 16,000, and 17.000 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 25% 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. Forty percent of raw materials purchases are paid for in the month of purchase and 60% in the following month. t. 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 $1.50. The fixed selling and administrative expense per month is $64,000 Foundational 8-12 (Algo) 12. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $6 per direct labor hour. what is the estimated finished goods inventory balance at the end of July? Ending finished goods inventory Required information The Foundational 15 (Algo) (LOB-2, LOB-3, LOB-4, LOB-5, LOB-7, LOB-9, LO8-10) [The following information applies to the questions displayed below) Morganton Company makes one product and it I it provided the following information to help prepare the master budget a. The budgeted selling price per unit is $50. Budgeted unit sales for June July August, and September are 8,300, 14,000, 15,000, and 17,000 units, respectively. All sales are on credit b. Forty percent of credit sales are collected in the month of the sale and 50% in the following month The ending finished goods inventory equals 25% 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. Forty percent of raw materials purchases are paid for in the month of purchase and 60% in the following month. t the direct labor wage rate is $15 per hour. Each unit of finished goods requires two direct labor-hours. Q. The variable selling and administrative expense per unit sold is $150. The fixed selling and administrative expense per month is 564,000. Foundational 8-13 (Algo) 13. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $6 per direct labor-hour, what is the estimated cost of goods sold and gross margin for July? Estimated cost of goods sold Estimated margin Foundational 8-14 (Algo) 14. What is the estimated total selling and administrative expense for July? Total selling and administrative expenses Foundational 8-15 (Algo) 5. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $6 per direct labor-hour, what is the estimated net operating income for July? Net operating income