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 $60. Budgeted unit sales for June, July, August, and September are 8,900,20,000,22,000, and 23,000 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 moterials production needs. Each unit of finished goods requires 5 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. 1. The direct labour wage rate is $13 per hour. Each unit of finished goods requires two direct labour-hours. 9. The variable selling and administrative expense per unit sold is $150. The fixed selling and administrative expense per month is $70.000 Required: What is the estimated finished goods inventory balance at the end of July, if the company always uses an estimated predetermined plantwide overhead rate of $7 per direct labour-hour