The management of Nabar Manufacturing prepared the following estimated balance sheet for June 2019. Assets Accounts receivable.. Raw materials invention Finished goods inventory Tort current assets Ecuipment Accumulated depreciation Equipment net NABAR MANUFACTURING Estimated Balance Sheet June 30, 2019 Liabilities and Equity $ 40,000 Accounts payable... 249,900 Income taxes payable... 35.000 Short-term notes payable 241,080 Total current labs ties 565,980 Long term nole payable... 720,000 Totalcabilities 240,000) Common stock 450,000 Retained earnings Total stockholders' equity $1045930 Total abilities and equity $ 51.400 10,000 24.000 85.400 300,000 385.400 600.000 60 580 660. $1.045.900 Total assets To prepare a master budget for July August, and September information: 2010. management gathers the following T e master budget for July, August and September of 2019, management gathers the following Sales were 20.000 units in June, Forecasted sales in units are as follows:Ouly, 21.000: August. 19.000 September 20,000, and October, 24.000. The product's selling price is $17 per unit and its total prod ut cost is $14.35 per unit. b. Company policy calls for a given month's ending finished poods inventory to cqual 70% of the next mothscapected unit sales. The June 30 Finished goods inventory is 16,800 units, which does comply with the policy. e Company policy calls for a given month's ending raw materials inventory to equal 20% of the next month's materials requirements. The June 30 raw materials inventory is 4.375 units (which also fails to meet the policy). The budgeted September 30 raw materials inventory is 1.980 units. Raw materials COSI S8 per unit. Each finished unit requires 0.50 units of raw materials d. Each finished unit requires 0.50 hours of direct laborat a rate of S16 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $2.70 per direct labor hour, Depreciation of S20,00 per month is treated as fixed factory overhead. Monthly general and administrative penses include S9,000 administrative salaries and 0.9 monthly interest on the long-term hoc payable g. Sales representatives' commissions are 10 of sales and are paid in the month of the sales. The sales manager's monthly salary is $3.500 h. The company expects 30% of sales to be for cash and the remaining 707 on credit Receivables are collected in full in the month following the al tone are collected in the month of the sale 1. All raw materials purchases are on credit and no pavables arive from any other transactions. One month's raw materials purchases are fully paid in the next month j. Disidends of $20.000 are to be declared and paid in August k. Income taxes payable at June 30 will be put in July Income tax expense will be assessed at 35% in the quarter and paid in October 1. Exquipment purchases of $100,000 are budgeted for the last day of September m. The minimum ending cash balance for all months is $40.000 If necessary, the company boros chough cash using a short termi note to reach the minimum Short term notes require an interest pas ment a li montrent before any repayment in the endin vast balance aceeds them mm. the excess will be applied to relyin the shor t es sablo balance Recured Required Prepare the following budgets and other financial information as required. All budgets and other finances information should be prepared for the third calendar quarter, except as otherwise noted below. Round calculations to the nearest whole dollar. 9. Budgeted income statement for the entire quarter (not for each month separately). 40. Budjetetl balance sheet its of September 30, 2019