Required information

The Foundational $15($Algo$)[$LO$8-2,$ LO$8-3,$ LO$8-4,$ LO$8-5,$ LO$8-7,$ LO$8-9,$ LO$8-10]$

$[$The following information applies to the questions displayed below.$]$

Morganton Company makes one product and provided the following information to help prepare its master budget:

a$.$ The budgeted selling price per unit is $\backslash (\backslash$$ $65\backslash ).$ Budgeted unit sales for June, July, August, and September are $9,300,\backslash (24,000,26,000\backslash ),$ and $27,000$ units, respectively. All sales are on credit.

b$.$ Forty percent of credit sales are collected in the month of the sale and $\backslash (60\backslash \%\backslash )$ in the following month.

c$.$ The ending finished goods inventory equals $\backslash (30\backslash \%\backslash )$ of the following month's unit sales.

d$.$ The ending raw materials inventory equals $\backslash (20\backslash \%\backslash )$ of the following month's raw materials production needs. Each unit of finished goods requires $4$ pounds of raw materials. The raw materials cost $\backslash (\backslash$$ $2\mathrm{.}50\backslash )$ per pound.

e$.$ Thirty percent of raw materials purchases are paid for in the month of purchase and $\backslash (70\backslash \%\backslash )$ in the following month.

f$.$ The direct labor wage rate is $\backslash (\backslash$$ $14\backslash )$ per hour. Each unit of finished goods requires two direct labor$-$hours.

g$.$ The variable selling and administrative expense per unit sold is $\backslash (\backslash$$ $1\mathrm{.}90\backslash ).$ The fixed selling and administrative expense per month is $\backslash (\backslash$$ $63,000\backslash ).$

Foundational $8-12($Algo$)$

$12.$ If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $\backslash (\backslash$$ $9\backslash )$ per direct labor$-$hour, what is the estimated finished goods inventory balance at the end of July?