hapter 8 Homework Saved Help Save& ExitSubmit Check my work 13 Morganton Company makes one product and it provided the following information to help prepare the master budget Part 13 of 1s 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. .25 points 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 e. Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the f. The direct labor wage rate is $15 per hour. Each unit of finished goods requires two direct labor- production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.00 per pound. following month hours administrative expense per month is $60.000 eBook g. The variable selling and administrative expense per unit sold is $1.80. The fixed selling and 13. What is the estimated cost of goods sold and gross margin for July? Estimated cost of goods sold Estimated gross margin Hill