You need to prepare a Master Budget for the ABC Co.. Master Budget The company has an exclusive right to sell Super Dots and sales have been brisk. The Master Budget will be for the next three months starting April 1. The following information is available related to the budget. The company needs to maintain a minimum cash balance at the end of every month in the amount of $15,000. The Dots are forecasted to sell at $44 each. Recent actual and projected sales (in units) are as follows Actual Jan 67,000 Feb 80,000 Mar 94,000 Projected Apr 117,000 May 151,000 Jun 201,000 Projected Jul 134,000 Aug 121,000 Sep 107,000 In order to meet the product demand, the company has established a policy requiring that ending inventory for each month must be equal to 90% of the units expected to sold in the next month. The cost to purchase each unit of product is $26. Purchases are typically paid for as follows: 50% paid in the month of purchase, and the remaining 50% paid in the month after purchase. All sales are on credit, with no discount, and payable within 15 days. The company's collections on account usually are 25% in the month of sale, 50% in the month immediately after the sale, and 25% in the second month after sale. The company has a very rigorous credit policy and there are virtually no bad debts. The company's operating expenses are shown below: Variable: Sales Commissions Fixed: Wages Utilities Insurance expired Depreciation Miscellaneous $4 per unit $54,000 1,900 1,800 2,300 3,000 All operating expenses are paid during the month, in cash, with the exception of depreciation and insurance expired. New fixed assets will be purchased during May for $30,000. The company declares dividends of $16,000 each quarter, payable in the first month of the following quarter.