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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 $$65.$ Budgeted unit sales for June, July, August, and September are $8,200,$

$12,000,14,000,$ and $15,000$ 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 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\mathrm{.}00$ per pound.

e$.$ Twenty percent of raw materials purchases are paid for in the month of purchase and $80\%$ in the following month.

f$.$ The direct labor wage rate is $$13$ per hour. Each unit of finished goods requires two direct labor$-$hours.

g$.$ The variable selling and administrative expense per unit sold is $$1\mathrm{.}30.$ The fixed selling and administrative expense per

month is $$62,000.$

If $71,000$ pounds of raw materials are needed to meet production in August, what is the estimated accounts payable balance at the

end of July?$8.$The budgeted selling price per unit is $$65.$ Budgeted unit sales for June, July, August, and September are $8,200,12,000,14,000,$ and $15,000$ units, respectively. All sales are on credit.

Forty percent of credit sales are collected in the month of the sale and $60\%$ in the following month.

The ending finished goods inventory equals $20\%$ of the following month$$s unit sales.

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\mathrm{.}00$ per pound.

Twenty percent of raw materials purchases are paid for in the month of purchase and $80\%$ in the following month.

The direct labor wage rate is $$13$ per hour. Each unit of finished goods requires two direct labor$-$hours.

The variable selling and administrative expense per unit sold is $$1\mathrm{.}30.$ The fixed selling and administrative expense per month is $$62,000.$

$8.$ If $71,000$ pounds of raw materials are needed to meet production in August, what is the estimated accounts payable balance at the end of July?

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