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foundational 7 3 morganton company makes one product and it provided following information h
Foundational 7-3 Morganton Company makes one product and it provided the following information to help prepare the master budget for its four months of operations: (a) The budgeted selling price per unit is $60. Budgeted unit sales for June, July, August, and September are 9,800, 29,000, 31,000, and 32,000 units, respectively. All sales are on credit. (b) Thirty-percent of credit sales are collected in the month of the sale and 70% 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 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 $15 per hour. Each unit of finished goods requires two direct labor-hours. (g) The variable selling and administrative expense per unit sold is $1.80. The fixed selling and administrative expense per month is $68,000. What is the accounts receivable balance at the end of July? Accounts receivable $