The Bank of the West has asked the president of Montoya Products, Inc., for a budgeted Income statement and budgeted balance sheet for the quarter ending June 30, 20x1. These documents will be used to support the company's request for a loan. A quarterly master budget is routinely prepared by the company, so the president indicated that the requested documents would be forwarded to the bank To date (April 2), the following operating budgets have been developed. Sales: April, $220,400, May, $164,220, and June, $165,980; direct materials purchases for the period, $96,840; direct materials usage, $102,710; direct labor expenses, $71,460; manufacturing overhead, $79,940; selling and administrative expenses, $143,740; capital expenditures, $125,000 (to be spent on June 29); cost of goods manufactured, $252,880; and cost of goods sold, $251,700 Balance sheet account balances at March 31, 20xl were: Cash, $28,770; Accounts Receivable, $26,500; Direct Materials Inventory. $23,910; Work in Process Inventory $31,620; Finished Goods Inventory, $36,220; Prepaid Expenses, $7,200; Plant, Furniture, and Fixtures, $498,600; Accumulated Depreciation, Plant, Furniture, and Fixtures, $141,162; Patents, $90,600; Accounts Payable, $39,600; Notes Payable, $105,500; Common Stock, $250,000; and Retained Earnings, $207,158. Monthly cash balances for the quarter are projected to be: April 30, $20,490; May 31, $35,610; and June 30, $45,400. During the quarter, accounts receivable are supposed to Increase by 30 percent, patents will go up by $6,500, prepald expenses will remain con- stant, accounts payable will go down by 10 percent, and the company will make a $5,000 payment on the note payable ($4,100 is principal reduction). The federal Income tax rate is 34 percent and the second quarter's tax is paid in July. Depreciation for the quarter will be $6,420, which was already included in the manufacturing overhead budget. No divi- dends were paid. 1. Prepare a budgeted income statement for the quarter ending June 30, 20xl. Round answers to the nearest dollar. 2. Prepare a budgeted balance sheet as of June 30, 20xl