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The Foundational $15($Algo$)[$LO$8-2,$ LO$8-3,$ LO$8-4,$ LO$8-5,$ LO$8-7,$ LO$8-9,$ LO$8-10]$

$[$The following information applies to the questions displayed below.$]$

Morganton Company makes one product and provided the following information to help prepare its master budget:

a$.$ The budgeted selling price per unit is $\backslash$$$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 $\backslash (60\backslash \%\backslash )$ in the following month.

c$.$ The ending finished goods inventory equals $\backslash (20\backslash \%\backslash )$ of the following month's unit sales.

d$.$ The ending raw materials inventory equals $\backslash (10\backslash \%\backslash )$ of the following month's raw materials production needs. Each unit of finished goods requires $5$ pounds of raw materials. The raw materials cost $\backslash (\backslash$$ $2\mathrm{.}50\backslash )$ per pound.

e$.$ Thirty percent of raw materials purchases are paid for in the month of purchase and $\backslash (70\backslash \%\backslash )$ in the following month.

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

g$.$ The variable selling and administrative expense per unit sold is $\backslash (\backslash$$ $1\mathrm{.}50\backslash ).$ The fixed selling and administrative expense per month is $\backslash (\backslash$$ $70,000\backslash ).$

Foundational $8-8($Algo$)$

$8.$ If $111,000$ pounds of raw materials are needed to meet production in August, what is the estimated accounts payable balance at the end of July? this is for college managerial accounting

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