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 soles for June July August, and September are 8,800, 19,000, 21000, and 22,000 units, respectively. All sales are on credit b. 30% of credit sales are collected in the month of the sale and 70% 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 5 pounds of raw materials. The raw materials cost $2.40 per pound, - 25% of raw materials purchases are paid for in the month of purchase and 75% in the following month. The direct labour wage rate is $12 per hour. Each unit of finished goods requires two direct labour-hours, The variable selling and administrative expense per unit sold is $2.00. The fixed selling and administrative expense per month is $69,000 Required: # 105,000 pounds of raw materials are needed to meet production in August, what is the estimated raw materials inventory balance at the end of July? Raw material inventory batance