Requlred Information [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 $60. Budgeted unit sales for June, July, August, and September are 8,900,20,000,22,000, and 23,000 units, respectively. All sales are on credit. b. Forty percent of credit sales are collected In the month of the sale and 60% in the following month. c. The ending finished goods Inventory equals 20% of the following month's unit sales. d. The ending raw materlals inventory equals 10% of the following month's raw materlals productlon needs. Each unit of finished goods requires 5 pounds of raw materlals. The raw materlals cost $2.50 per pound. e. Thirty percent of raw materlals purchases are paid for in the month of purchase and 70% in the following month. f. The direct labor wage rate is $13 per hour. Each unit of finished goods requires two direct laborhours. g. The varlable selling and administratlve expense per unit sold is $1.50. The fixed selling and administratlve expense per month is $70,000. 3. If 111,000 pounds of raw materlals are needed to meet production In August, what is the estimated accounts dayable balance at the end of July