Morgan company makes one product and it provided the following information to help prepare the master budget for its first four months of operations:
The budgeted selling price per unit is 70. budgeted unit sales for june, july, august, and september are, 8,400, 10,00, 12,00, and 13,000 units. all sales are on credit.
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.
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.
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 $15 per hour. each unit of finished goods requires two direct labor hours.
the variable selling and administrative expense per unit is 1.80. the fixed selling and administrative expense per month is 60,000.
required
what are the budgeted sales for july
what are the expected cash collections for july
what is the accounts receivable balance at the end of july
according to the production budget, how many units should be produced in july
if 61,000 pounds of raw materials are needed to meet productions in august, how many pounds of raw materials should be purchased in july
what is the estimated cost of raw materials purchased in july
if the cost of raw materials purchases in june s 88,880, what are the estimated cash disbursements for raw materials purchases in july
what is the estimated accounts payable balance at the end of july
what is the estimated raw materials inventory inventory balance at the end of july
what is the total estimated direct labor cost for july assuming the direct labor workforce is adjusted to match the hours required to produce the forecasted number of units produced.
if the company always uses an estimated predetermined plantwide overhead rate of 10.00 per direct hour, what is the estimated unit product cost
what is the estimated finished goods inventory at the end of july
what is the estimated cost of goods sold and gross margin for july
what is the estimated total selling and administrative expense for july
what is the estimated net operating income for july