If 124,800 pounds of raw materials are needed to meet production in August, what is the estimated raw materials inventory balance at the end of July?

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 $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 tinished goods inventory equals 20% of the following month's unit sales. d. The ending raw materiels inventory equals 10% of the following month's rew meterials production neects. Each unit of finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. * Thirty percent of raw materials purchases are paid for in the month of purchase ancd 70% in the following month. f The direct labor wage rate is $15 per hour. Each unit of finished gocds requires two direct labor-hours. 3. The variable selling and administrative expense per unit sold is $1.80. The fixed seling and administrative expense per month is $68,000.