Assume that a company provided the following information and assumptions from its master budget: Sales budget: Unit sales in June, July, and August are 20,000, 18,000, and 17,000, respectively. The selling price per unit is $80. All sales are on account 20% of aler collected in the month of sale and 80% are collected in the next month. Production budget: The ending finished goods inventory is always 25% of next month's unit sales. Direct materials budget: Each unit of finished goods requires 3 pounds of raw material that cost $2.00 per pound. The ending raw materials inventory is always 30% of next month's production needs. 40% of raw material purchases are paid in the current and the remainder is paid in the following month Required: 1. Prepare a production budget for June and July? 2. Prepare the raw material purchases budget for June? 3. Calculate the accounts payable balance at the end of June