Use the following information to prepare a master budget, by month, for the first quarter, including:

a. quarterly totals

b. the pro-forma income statement

c. the balance sheet as of March 31

Dye-Aspora, Inc manufactures a red industrial dye. The company is preparing its master budget for the first quarter and has presented you with the following information. 1. The December 31, 20XX, balance sheet for the company follows. DYE-ASPORA, Incorporated Balance Sheet December 31, 20XX Assets Cash $8,050 53,600 Liabilities and Stockholder Equity Accounts Payable $20,200 Notes Payable 25,000 2,000 Dividends Payable 25,000 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Prepaid Insurance 4,375 70,200 Total Liabilities Common Stock 1,600 80,000 Building 300,000 Acc Depreciation (95,000) 205,000 Paid-in Capital 30,000 Retained 94,425 Earnings Total Liabilities and Equity 204,425 Total Assets $274,625 $274,625 2. The Accounts Receivable balance on December 31st represents the remaining balances of November and December sales: $80,000 and $104,000, respectively. 3. Estimated sales in gallons of dye for January through May follow: January 8,000 February 9,000 March 11,000 April 12,000 May 11,000 Each gallon of dye sells for $16.00. . 4. The collection pattern for accounts receivable is as follows: 60% in the month of sale, 25% the month after sale, and 15% the second month after sale. Dye-Aspora expects no bad debts and gives no cash discounts. 5. Each gallon of dye has the following standard quantities and costs for direct materials and direct labor: Quantity Mordant (DM) 1.40 Direct labor 0.30 Cost/rate Gal $2.00 Hr $15.00 Std Cost $2.80 $4.50 Some evaporation loss occurs during processing. Variable overhead (VOH) is applied basis machine-hours. The processing of 1 gallon of dye takes 3 MH. The variable overhead rate is $0.10 per MH. VOH is entirely of utility costs. FOH is applied per gallon based on an expected annual capacity of 120,000 gallons