Spilde Pharmaceuticals manufactures an academic steroid (ACTC) known to improve the brain function in MBA students. The drug is believed to be an effective treatment for students challenged by Module 2 content. Sponsler Pharmaceuticals' pro forma balance sheet for the year ending December 31, 2019, is presented below. Spilde Pharmaceuticals Balance Sheet Year Ending December 31st, 2019 Cash $11,000 Accounts Payable $ 3,600 Short-term Investments 20,000 Long-term Debt 50,000 Accounts Receivable 36,000 Total Liabilities $53,600 *Raw Materials Inventory 2,000 Common Stock - $10 par $35,000 *Finished Goods Inven. 4,248 Additional Paid-in Capital 25,000 Equipment 80,000 Retained Earnings 33,648 Accumulated Depreciation (6,000) $147,248 Total Shareholders' Equity 93,648 Total Assets Total Liabilities & SE $147,248 *Note: Raw Materials Inventory consists of 500-lbs. at $4 per 1b., and Finished Goods Inventory consists of 1,200 bottles at an average cost of $3.54 per bottle. You are required to prepare a 2020 master budget for Spilde Pharmaceuticals. THIS ASSIGNMENT MUST BE SUBMITTED ON CANVAS. The master budget needs to include the following components, and should be presented in a professional format using either an Excel spreadsheet or a Word document (Excel spreadsheet will be much easier): 1. Sales budget 2. Production budget 3. Direct materials purchase budget 4. Direct labor budget 5. Manufacturing overhead budget 6. Selling and administrative expenses budget 7. Ending finished goods inventory/Cost of goods sold 8. Cash budget 9. Pro forma income statement for the year ending December 31, 2020 10. Pro forma balance sheet as of December 31, 2020