f. Prepare a budgeted balance sheet as of June 30, 2017. 12-40. Developing a Master Budget for a Manufacturing Organization Cubs Incorporated manufactures a product with a selling price of $60 per unit. Units and monthly cost month of the second quarter ending June 30, 2017. Include budgeted data follow: LO4 Variable: MBC .. Selling and administrative.... Direct materials.. $ 5 per unit sold Direct labor... 12 per unit manufactured Variable manufacturing overhead. 12 per unit manufactured Fixed: 6 per unit manufactured Selling and administrative...... $17,000 per month Manufacturing (including depreciation of $11,000) 34,000 per month Cubs Inc. pays all bills in the month incurred. All sales are on account with 50 percent collected the month of sale and the balance collected the following month. There are no sales discounts or bad debts. Cubs Inc. desires to maintain an ending finished goods inventory equal to 20 percent of the follow- ing month's sales and a raw materials inventory equal to 10 percent of the following month's produc- tion. January 1, 2017, inventories are in line with these policies. Actual unit sales for December and budgeted unit sales for January, February, and March of an Module 22 Operational Budgeting and Profit Planning are as follows: CUBS INCORPORATED Sales Budget For the Months of January, February, and March 2017 Month December January February Sales-Units.. 11,250 10,000 15,000 Sales-Dollars $675,000 $600,000 $900,000 March 13.000 $780,000 . Additional information: The January 1 beginning cash is projected as $6,000. . For the purpose of operational budgeting, units in the January 1 inventory of finished goods are valued at variable manufacturing cost. Each unit of finished product requires one unit of raw materials. Cubs Inc. intends to pay a cash dividend of $12,000 in January Required a. A production budget for January and February b. A purchases budget in units for January. c. A manufacturing cost budget for January d. A cash budget for January e. A budgeted contribution income statement for January