Budgeted Income Statement and Budgeted Balance Sheet P4. Local Bank has asked Wonderware Products, Inc.'s president for a budgeted income statement and budgeted balance sheet for the quarter ended June 30. These pro forma financial statements are needed to support Wonderware's request for a loan. Wonderware routinely prepares a quarterly master budget. The operating budgets prepared for the quarter ending June 30 have provided the following information: Projected sales for April are $220,400; for May, $164,220; and for June, $165,980. Direct materials purchases for the period are estimated at $96,840; direct materials usage, at $102,710; direct labor expenses, at $71,460; overhead, at $79,940; selling and administrative expenses, at $143,740; capital expenditures, at $125,000 (to be spent on June 29); cost of goods manufactured, at $252,880; and cost of goods sold, at $251,700. Balance sheet account balances at March 31 were as follows: Accounts Receivable, $26,500; Materials Inventory, $23,910; Work in Process Inventory, $31,620; Finished Goods Inventory, $36,220; Prepaid Expenses, $7,200; Plant, Furniture, and Fixtures, $498,600; Accumulated DepreciationPlant, Furniture, and Fixtures, $141,162; Patents, $90,600; Accounts Payable, $39,600; Notes Payable, $105,500; Common Stock, $250,000; and Retained Earnings, $200,988. Projected monthly cash balances for the second quarter are as follows: April 30, $20,490; May 31, $35,610; and June 30, $39,320. During the quarter, accounts receivable are expected to increase by 30 percent, patents to go up by $6,500, prepaid expenses to remain constant, and accounts payable to go down by 10 percent (Wonderware will make a $5,000 payment on a note payable, $4,100 of which is principal reduction). The federal income tax rate is 30 percent, and the second quarter's tax is paid in July. Depreciation for the quarter will be $6,420, which is included in the overhead budget. The company will pay no dividends. Required 1. Determine the June 30 ending balances for Materials Inventory, Work in Process Inventory, and Finished Goods Inventory. 2. Prepare a budgeted income statement for the quarter ended June 30. 3. Prepare a budgeted balance sheet as of June 30