Required information The Foundational 15 (Algo) [LO8-2, L08-3, L08-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information applies 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 $65. Budgeted unit sales for June. July, August, and September are 9,000 . 21,000,23,000, and 24,000 units, respectively. 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 30% of the following month's unit sales. d. The ending raw materials inventory equals 20% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materiats cost $2.70 per pound. e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month. 1. The direct labor wage rate is $14 per hour, Each unit of finished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $1.60. The fixed seling and administrative expense per month is $60,000. Foundational 8-8 (Algo) 8. If 116,500 pounds of raw materials are needed to meet production in August, what is the estimated accounts payable bolance at the end of July