Required information The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, 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 $70. Budgeted unit sales for June, July. August, and September are 8,500 . 16.000,18,000, and 19,000 units, respectively. All sales ate on credit b. Forty percent of credit sales are collected in the month of the sale and 60% in the folowing month. c. The ending finished goods inventory equals 20% of the followng 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 $2.00 per pound e. Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the foliowing month 1. The direct labor wage rate is $13 per hour. Each unit of finished goods requires two direct labor-hours. 9 The variable seling and administrative expense per unit sold is $1.70. The foxed selling and administrative expense per month is $66.000 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 $2.00 per pound e. Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the following month 1 The direct labor wage rate is $13 per hour. Each unit of finished goods requires two direct labor-hours. 9 . The variable selling and administrative expense per unit sold is $1.70. The fixed selling and administrative expense per month is $66,000 Foundational 8-8 (Algo) 8. If 91,000 pounds of raw materials are needed to meet production in August, what is the estimated accounts payable balance ot the end of July