Victoria Inc. makes one product and it provided the following information to help prepare the master budget for its first four months of operations: a. The budgeted selling price per unit is $80. Budgeted unit sales for June, July, August, and September are 10,100, 11,100, 13,100, and 16,100 units, respectively. All sales are on credit. b. 60% of credit sales are collected in the month of the sale and 40% in the following month. 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 kg of raw materials. The raw materials cost $2.00 per kilogram. e. 30% of raw materials purchases are paid for in the month of purchase and 70% in the following month. f. The direct labour wage rate is $20 per hour. Each unit of finished goods requires two direct labour-hours. g. The variable selling and administrative expense per unit sold is $2.00. The fixed selling and administrative expense per month is $65,500. Required: What is the estimated cost of raw materials purchases for July? Cost of raw material purchases