Project Phase 2 Option 2 Required information 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 $70. Budgeted unit sales for June July August, and September are 9,300, 22,000, 24,000, and 25.000 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 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 4 pounds of raw materials. The raw materials cost $250 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 $12 per hour. Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $170. The fixed selling and administrative expense per month is $61,000 15. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $12 per direct labor hour, what is the estimated net operating income for July? Net operating home LG