The Apollo Company makes and sells a product called Yam. Each unit of Yam sells for $26 dollars and has a unit variable cost of $20. The company has budgeted the following data for July: -A cash balance on July 1st of $50,000. -Sales of $1,380,000, all in cash. -Purchase of additional equipment for factory $150,000 -Cash manufacturing and operating expenses (other than equipment and interest) during July of $1,300,000. -A minimum cash balance of $60,000 on July 31st If necessary, the company will borrow cash from a bank. The borrowing will be in multiples of $1,000 and will bear interest at 2% per month. All borrowing will take place at the beginning of the month. The interest on borrowed funds, if any, will be paid in cash during July. Compute the budgeted balance of cash on July 31st based upon the above information.