The beginning balances of raw materials and finished goods inventory accounts of the ABC Corp. as of March, 1 are $2,000 (50 units) and $3,000 (30 units), respectively. The data on manufacturing and sales operations of the company for March are presented below: Some additional information on the month of March is provided: ABC Corp. intends to purchase materials for manufacturing process at a price of $45 per unit. The selling price of the finished product is $300 per unit. One unit of raw material is needed for each unit of finished product. The company uses the FIFO method for stock valuation. There is no beginning or ending work in process. Depreciation expense for the month is $1, 200. General and administrative expenses are $5,000. Ignore taxes. The company expects to pay dividends of $3,000. Calculate ending balances in raw materials and finished goods inventory accounts as of March, 31 prepare budgeted income statement for March