Cash $ 50,000 Liabilities Accounts receivable 386,400 Accounts payable $ 196,600 Raw materials inventory 84,200 Loan payable 12,000 Finished goods inventory 368,000 Long-term note payable 500,000 $ 708,600 Equipment $ 602,000 Equity Less: Accumulated depreciation 151,000 451,000 Common stock 336,000 Retained earnings 295,000 631,000 Total assets $ 1,339,600 Total liabilities and equity $ 1,339,600 To prepare a master budget for April, May, and June, management gathers the following information. Sales for March total 23,000 units. Budgeted sales in units follow: April, 23,000; May, 15,300; June, 20,400; and July, 23,000. The products selling price is $24.00 per unit and its total product cost is $20.00 per unit. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given months ending materials inventory to equal 50% of the next months direct materials requirements. The March 31 raw materials inventory is 4,210 poun