The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY MANUFACTURING Balance Sheet March 31 Assets Liabilities and Equity Cash. Accounts receivable Raw materials inventory Finished goods inventory $ 40,000 Liabilities. 344,400 Accounts payable $201,000 98,500 Loan payable 12,000 325,40 Long-term note payable: 500,000 $ 713,000 Equipment $ 600,000 Equity Less: Accumulated depreciation 150,000 450,000 Common stock Retained earnings 335,000 210,440 Total assets $1,258,440 Total liabilities and equity 545,440 $1,258,440 To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 20,500 units. Budgeted sales in units follow: April, 20,500, May, 19,500. June, 20,000, and July, 20,500. The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given month's ending materials inventory to equal 50% of the next month's direct materials requirements. The March 31 raw materials inventory is 4,925 pounds. The budgeted June 30 ending raw materials inventory is 4,000 pounds. Each finished unit requires 0.50 pound of direct materials. c. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's budgeted unit sales. The March 24 finished and mantan 100