The management of Dover Manufacturing prepared the following balance sheet for March 2019: DOVER MANUFACTURING Balance Sheet As of March 31, 2019 Assets Cash Accounts receivable Raw Materials Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total Assets Liabilities and Equity $ 40,000 Accounts payable 360,000 Short-term notes payable 130,000 Total current liabilities 384,000 Long-term note payable 914,000 Total liabilities 600,000 Common stock (140,000) Retained earnings 460,000 Total stockholders' equity $ 1,374,000 Total liabilities and equity $ 200,000 20,000 200,000 500,000 700,000 335,000 339,000 674,000 $ 1,374,000 To prepare a master budget for April, May, and June of 2019, management gathers the following information: Sales for March total 15,000 units. Forecasted sales in units are as follows: a. April 20,000; May 22,000; June 25,000; and July 26,000. Sales of 240,000 units are forecasted for the entire year. The product's selling price is $32.00 per unit and its total product cost is $24.00 per unit. b. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's expected unit sales. The March 31 finished goods inventory is 16,000 units, which complies with the policy. c. Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements. The March 31 raw materials inventory is 6,500 pounds, which complies with the policy. The expected June 30 ending raw materials inventory is 6,500 pounds. Raw materials cost $20 per pound. Each finished unit requires 0.50 pounds of raw materials