9 Part 9 of 15 03:56 30 Required information The Foundational 15 [LO8-2, LO8-3, L08-4, L08-5, LO8-7, 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 $70. Budgeted unit sales for June July August, and September are 8,400, 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 $2.00 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 $15 per hour. Each unit of finished goods requires two direct labor hours. 9. The variable selling and administrative expense per unit sold is $180. The fixed selling and administrative expense per month is $60,000 Spoed Puurence Foundational 8-9 9. If 61,000 pounds of raw materials are needed to meet production in August, what is the estimated raw materials inventory balance at the end of July? Raw matalinory balance