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 $9,800,10,800,12,800,$ and $15,800$ 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 $5kg$ of raw materials. The raw materials cost $$2\mathrm{.}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 requlres two direct labour$-$hours.

g$.$ The variable selling and administrative expense per unit sold is $$2\mathrm{.}00.$ The fixed selling and administrative expense per month is $$64,000.$

Required:

If $62,600kg$ of raw materials are needed for production in August, what is the estimated accounts payable balance at the end of July?

Accounts payable