please solve all questions. Explain step by step with their formulas

Chapter 8(1) 0 Saved Help Save & Exit Submit 8 Check my work Requirement 2: The company hasjust hired a new marketing manager who insists that unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget: Year 2 Quarter Year 3 Quarter Part 2 of 2 Data 1 2 3 4 1 2 Budgeted unit sales 45,000 65,000 115,000 75,000 90,000 90,000 Selling price per unit $7 l 10 points A B C D E F G 1 Chapter 8: Applying Excel Q 2 eBook 3 Data Year 3 Quarter _ 4 1 2 3 4 1 2 E 5 Budgeted unit sales 45,000 65,000 115,000 75,000 90,000 90,000 Pr'nt ' 6 7 - Sellin rice er unit $ 7 er unit [Fl 9 P P. ' . P References 8 - Accounts receivable, beginning balance $ 65,000 9 - Sales collected in the quarter sales are made 75% 10 - Sales collected in the quarter after sales are made 25% 11 - Desired ending finished goods inventory is 30% of the budgeted unit sales of the next quarter 12 - Finished goods inventory, beginning 12,000 units 13 - Raw materials required to produce one unit 5 pounds 14 - Desired ending inventory of raw materials is 10% of the next quarter's production needs 15 ~ Raw materials inventory, beginning 23,000 pounds 16 - Raw material costs $ 0180 per pound 17 - Raw materials purchases are paid 60% in the quarter the purchases are made 18 and 40% in the quarter following purchase 19 - Accounts payable for raw materials, beginning balance $ 81,500 Chapter 8(1)o Saved Help Save&Exit Submit 8 Check my work 2 0Required information a. What are the total expected cash collections for the year under this revised budget? Part 2 of 2 :l 10 points El b. What is the total required production for the year under this revised budget? eBook EII References c. What is the total cost of raw materials to be purchased for the year under this revised budget? d. What are the total expected cash disbursements for raw materials for the year under this revised budget? Chapter 8(1) 3 Saved Help 40 Part 2 of'lS . 1 points Skipped References Required information The Foundational 15 (Algo) [L08-2, L08-3, L08-4, L08-5, LOBJ, L08-9, 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 $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit. b. Forty percent of credit sales are collected in the month ofthe sale and 60% in the following month. The ending finished goods inventory equals 30% ofthe following month's unit sales. The ending raw materials inventory equals 20% ofthe following month's raw materials production needs. Each unit of finished goods requires 4 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. The direct labor wage rate is $14 per hour. Each unit ofnished goods requires two direct labor-hours. g. The variable selling and administrative expense per unit sold is $1.90. The fixed selling and administrative expense per month is $63,000. 9-.\" . Foundational 8-2 (Algo) 2. What are the expected cash collections for July? ITo'lal cash collections I 0'.) Save & Exit Submit 8 Check my work Chapter 8(1) i Saved Help Save & Exit Submit Check my work 9 5 Required information Part 3 of 15 The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information applies to the questions displayed below.] 1 Morganton Company makes one product and it provided the following information to help prepare the master budget: points a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit. eBook 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 finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. Print 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 $14 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 fixed selling and administrative expense per References month is $63,000. Foundational 8-3 (Algo) 3. What is the accounts receivable balance at the end of July? Accounts receivable $ 1,092,000Chapter 8(1) 0 Saved Help 60 Part 4 of15 - 1 points References Required information The Foundational 15 (Algo) [L08-2, L08-3, LO8-4, L08-5, L08-7, 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 $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 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 nished goods inventory equals 30% ofthe following month's unit sales. d. The ending raw materials inventory equals 20% ofthe following month's raw materials production needs. Each unit of nished goods requires 4 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 $14 per hour. Each unit offinished goods requires two direct labor-hours. g. The variable selling and administrative expense per unit sold is $1.90. The xed selling and administrative expense per month is $63,000. Foundational 8-4 (Algo) 4. According to the production budget, how many units should be produced in July? Save & Exit Submit Check my work 10 Chapter 8(1) i Saved Help Save & Exit Submit 10 Check my work 7 Required information Part 5 of 15 The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information applies to the questions displayed below.] 1 Morganton Company makes one product and it provided the following information to help prepare the master budget: points a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit. eBook 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 finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. Print 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 $14 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 fixed selling and administrative expense per References month is $63,000. Foundational 8-5 (Algo) 5. If 105,200 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 pounds 6Chapter 8(1) i Saved Help Save & Exit Submit 10 Check my work 8 Required information Part 6 of 15 The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information applies to the questions displayed below.] 1 Morganton Company makes one product and it provided the following information to help prepare the master budget: points a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit. eBook 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 finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. Print 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 $14 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 fixed selling and administrative expense per References month is $63,000. Foundational 8-6 (Algo) 6. If 105,200 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 purchasedChapter 8(1) i Saved Help Save & Exit Submit 10 Check my work 9 Required information Part 7 of 15 The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information applies to the questions displayed below.] 1 Morganton Company makes one product and it provided the following information to help prepare the master budget: points a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit. eBook 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 finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. Print 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 $14 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 fixed selling and administrative expense per References month is $63,000. 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 $158,880; and 105,200 pounds of raw materials are needed to meet production in August. Total cash disbursements 19 1 00Chapter 8(1) i Saved Help Save & Exit Submit 10 Check my work 10 Required information Part 8 of 15 The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information applies to the questions displayed below.] 1 Morganton Company makes one product and it provided the following information to help prepare the master budget: points a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit. eBook 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 finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. Print 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 $14 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 fixed selling and administrative expense per References month is $63,000. Foundational 8-8 (Algo) 8. If 105,200 pounds of raw materials are needed to meet production in August, what is the estimated accounts payable balance at the end of July? Accounts payableChapter 8(1) i Saved Help Save & Exit Submit 10 Check my work 11 Required information Part 9 of 15 The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information applies to the questions displayed below.] 1 Morganton Company makes one product and it provided the following information to help prepare the master budget: points a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit. eBook 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 finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. Print 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 $14 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 fixed selling and administrative expense per References month is $63,000. Foundational 8-9 (Algo) 9. If 105,200 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 balanceChapter 8(1) 0 12 Part 10 of15 1 points References Saved Help Required information The Foundational 15 (Algo) [L08-2, L08-3, LO8-4, L08-5, L08-7, 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 $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 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 nished goods inventory equals 30% ofthe following month's unit sales. d. The ending raw materials inventory equals 20% ofthe following month's raw materials production needs. Each unit of nished goods requires 4 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 $14 per hour. Each unit offinished goods requires two direct labor-hours. g. The variable selling and administrative expense per unit sold is $1.90. The xed selling and administrative expense per month is $63,000. Foundational 8-10 (Algo) 10. What is the total estimated direct labor cost for July? Total : } law mat Save & Exit Submit Check my work 10 Chapter 8(1) i Saved Help Save & Exit Submit 10 Check my work 13 Required information Part 11 of 15 The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information applies to the questions displayed below.] 1 Morganton Company makes one product and it provided the following information to help prepare the master budget: points a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit. eBook 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 finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. Print 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 $14 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 fixed selling and administrative expense per References month is $63,000. Foundational 8-11 (Algo) 11. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $9 per direct labor-hour, what is the estimated unit product cost? (Round your answer to 2 decimal places.) Unit product costChapter 8(1) i Saved Help Save & Exit Submit 10 Check my work 14 Required information Part 12 of 15 The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information applies to the questions displayed below.] 1 Morganton Company makes one product and it provided the following information to help prepare the master budget: points a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit. eBook 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 finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. Print 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 $14 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 fixed selling and administrative expense per References month is $63,000. Foundational 8-12 (Algo) 12. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $9 per direct labor-hour, what is the estimated finished goods inventory balance at the end of July? Ending finished goods inventoryChapter 8(1) i Saved Help Save & Exit Submit 10 Check my work 15 Required information Part 13 of 15 The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information applies to the questions displayed below.] 1 Morganton Company makes one product and it provided the following information to help prepare the master budget: points a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit. eBook 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 finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. Print 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 $14 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 fixed selling and administrative expense per References month is $63,000. Foundational 8-13 (Algo) 13. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $9 per direct labor-hour, what is the estimated cost of goods sold and gross margin for July? Estimated cost of goods sold Estimated gross marginChapter 8(1) 0 16 Part 14 of15 1 points References Saved Help Required information The Foundational 15 (Algo) [L08-2, L08-3, L08-4, L08-5, L08-7, 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 $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 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 nished goods inventory equals 30% ofthe following month's unit sales. d. The ending raw materials inventory equals 20% ofthe following month's raw materials production needs. Each unit of nished goods requires 4 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 $14 per hour. Each unit offinished goods requires two direct laborhours. g. The variable selling and administrative expense per unit sold is $1.90. The xed selling and administrative expense per month is $63,000. Foundational 8-14 (Algo) 14. What is the estimated total selling and administrative expense for July? Save & Exit Submit Check my work 10 Chapter 8(1) i Saved Help Save & Exit Submit 10 Check my work 17 Required information Part 15 of 15 The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information applies to the questions displayed below.] 1 Morganton Company makes one product and it provided the following information to help prepare the master budget: points a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit. eBook 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 finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. Print 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 $14 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 fixed selling and administrative expense per References month is $63,000. Foundational 8-15 (Algo) 15. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $9 per direct labor-hour, what is the estimated net operating income for July? Net operating income