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 $70. Budgeted unit sales for June, July, August, and September are 9,700, 28,000, 30,000, and 31,000 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 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 $250 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 $15 per hour Each unit of finished goods requires two direct labour-hours. 9. The variable selling and administrative expense per unit sold is $170. The fixed selling and administrative expense per month is $67,000. Required: If 120,800 pounds of raw materials are needed to meet production in August, what is the estimated raw materials inventory balance a the end of July