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 unlt of finlshed goods requires two direct labor-hours. g. The varlable selling and administratlve expense per unit sold is $1.20. The fixed selling and administrative expense per month is $61,000. 7. In July what are the total estimated cash disbursements for raw materlals purchases? Assume the cost of raw materlal purchases in June is $99,275; and 66,250 pounds of raw materlals are needed to meet production in August. Answer is complete but not entirely correct