Required Information [The following information applles to the questions displayed below.] 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 unlt sales for June, July, August, and September are 8,000 , 11,000,13,000, and 14,000 unlts, respectlvely. 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 finished goods Inventory equals 25% of the following month's unit sales. d. The ending raw materlals inventory equals 10% of the following month's raw materlals production needs. Each unit of finlshed goods requires 5 pounds of raw materlals. The raw materlals cost $2.20 per pound. e. Twenty percent of raw materlals purchases are pald for In the month of purchase and 80% in the following month. f. The direct labor wage rate is $12 per hour. Each unit of finlshed goods requires two direct labor-hours. g. The varlable selling and administratlve expense per unlt sold is $1.20. The fixed selling and administratlve expense per month is $61,000. 8. If 66,250 pounds of raw materlals are needed to meet production in August, what is the estimated accounts payable balance at the end of July? Answer is complete but not entirely correct