hapter 8F and excel Help Sav 5 Required information he Foundational 15 [LO8-2, LO (The following information applies to the questions displayed below] T 8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10) 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 8,900, art 5 of 15 O 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 $2.50 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 $13 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 $70,000. References Foundational 8-5 5. If 111000 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July? Foundational 8-6 6.111,000 pounds of raw materials are needed to meet production in August, what is the estimated cost of raw materials purchases for July? Prev 6 7 8 -. 15 of17 ill Next > Foundational 8-7 7. In July what are the total estimated cash disbursements for raw materials purchases? Assume the cost of raw material purchases in June is $150,600 Total cash disbursements Foundational 8-8 8. If 111,000 pounds of raw materials are needed to meet production in August, what is the estimated accounts payable balance at the end of July? Foundational 8-9 9. If 111,000 pounds of raw materials are needed to meet production in August, what is the estimated raw materials inventory balance at the end of July? Foundational 8-11 11. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 per direct labor-hour what is the estimated unit product cost? (Round your answer to 2 decimal places.) Foundational 8-12 12. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 per direct labor-hour, what is the estimated finished goods inventory balance at the end of July? Foundational 8-13 13. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 per direct labor what is the estimated cost of goods sold and gross margin for July? cost of goods sold Foundational 8-14 14. What is the estimated total selling and administrative expense for July? and trative ex Foundational 8-15 15. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 per direct labor-hour, what is the estimated net operating income for July? erating in