Morganton Company makes one product and it provided the following information to help prepare the master budget for its first four months of operations: a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit. b. 40% of credit sales are collected in the month of the sale and 60% in the following month. c. The ending finished goods inventory equals 30% of the following month's unit sales. d. The ending raw materials inventory equals 20% 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. 30% of raw materials purchases are paid for in the month of purchase and 70% in the following month. f. The direct labour wage rate is $14 per hour. Each unit of finished goods requires two direct labour-hours. g. The variable selling and administrative expense per unit sold is $1.90. The fixed selling and administrative expense per month is $63,000 Required: What is the estimated cost of raw materials purchases for July? Cost of raw material purchases