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Hurtt's Java Seeds is an independent roaster of specialty coffee beans. The company budgets two months ahead, so that in early January, it is time to plan for March. During March, the cormpany plans to sell 10,290 pounds of beans at $12 per pound. At the end of February, the company expects to have 2,420 pounds of raw green coffee beans (costing $4,840) and 720 pounds of roasted beans (costing $3,600 ) in inventory. Hurtt's would like to have 1,860 pounds of green coffee beans and 520 pounds of roasted beans in inventory at the end of March. Hurtt's purchases green coffee beans from the grower at $2 per pound and sells the roasted beans for $12 per pound. Hurtt's roasters hold 25 pounds of green coffee beans. It takes 15 minutes to roast the beans to perfection. Because the roaster must be monitored by an employee at all times, each batch requires 0.25 direct labor hours. During the roasting proces5, the green beans lose 20% of their weight, so that 1.25 pounds of green (raw) beans must be used to produce one pound of roasted beans. The standard direct labor rate is $12 per direct labor hour. Variable overhead is applied at the rate of $80 per direct labor hour, and fixed overhead is budgeted at $14,000 per month, including $1,740 in equipment depreciation. Internet sales account for 50 percent of total sales and are paid for by customers when they place their orders. Of the remaining 50 percent, three-fit ths are paid for in the month of sale and two-fifths in the month following the sale. In February, roasted coffee bean sales are expected to total $98,810. Hurt's pays for 40 percent of its green coffee beans in the month of purchase and the remaining 60 percent in the month following the purchase. February's purchases of grcen coffee beans are expected to tota $25,000 whereas March purchases ot green cotfee beans are expected to total $24,106. Variable selling and administrative expenses are 20 percent of sales, and fixed administrative expenses are $31,190 per month Both are paid in the monthincurred, as are direct labor costs and manufacturing overhead. In March, Hurtt's must make a 531,790 payment on its longiterm loan, of which $5,170 is interest. At the end of February, Hurtt's cash balance is expected to be $14,160. The company must maintain a minimum cash balance of $12,000 as a condition of a long term loan. Any cash required to maintain the minimum balance can be borrowed in $1.000 increments at a 12 percent annual interest rate. Interest is paid only when principat is repaid. However, it is accrued at the end of every month. Prepare the March pro-forma income statement and balance sheet for Hurtt's Java Seeds (ignore income taxes). (f an amount reduces the account balance then enter with negative sign preceding the number eg- -45 or parentheses e. (45) ) Balance sheet Assets Liabilities $ Total Liabilities Total LiabHities and Equity