Dye-Aspora, Inc manufactures a red industrial dye. The company is preparing its master budget for the second quarter and has presented you with the following information. 1. The March 31, 20XX, balance sheet for the company follows. DYE-ASPORA, Incorporated Balance Sheet March 31, 20XX Assets Liabilities and Stockholder Equity Cash $8,080 Notes Payable Accounts Receivable Raw Materials Inventory 26,500 Accounts Payable 2000 Dividends Payable Finished Goods Inventory Total 2,680 $28,000 2,148 10,000 40,148 Liabilities Prepaid Insurance 1,200 Common Stock 100,000 Paid-in Building 300,000 50,000 Capital Retained Acc Depreciation 280,000 (20,000) 280,312 Earnings 130,312 Total Assets $320,460 Total Liabilities and Equity $320,460 2. The Accounts Receivable balance on March 31st represents the remaining balances of February and March credit sales: $70,000 and $65,000, respectively. 3. Estimated sales in gallons of dye for April through August follow: April May 8,000 10,000 June 15,000 July 12,000 August 11,000 Each gallon of dye sells for $12.75.