Fixed overhead is incurred evenly throughout the year. Fixed overhead per year is composed of the following costs: Salaries $84, 600 Utilities 17,400 Insurancefactory 4,800 Depreciationfactory 31,200 6. There is no beginning work in process inventory. All work in process is completed in the period in which it is started. Raw materials inventory at the beginning of the year consists of 1,000 gallons of Mordant. There are 500 gallons of dye in finished goods inventory at the beginning of the year carried at standard cost. 7. Accounts Payable relates solely to raw material and is paid 60 percent in the month of purchase and 40 percent in the month after purchase. No discounts are given for prompt payment. 8. The dividend will be paid in January. 9. A new piece of equipment costing $10,000 will be purchased on March 1. Payment of 60 percent will be made in March and 40 percent in April. The equipment has a useful life of three years and will have no salvage value. The equipment will be placed in service April 2. 10. The note payable has a 6% interest rate; interest is paid at the end of each month. The principal of the note is repaid as cash is available to do so. 11. Dye-Aspara's management has set a minimum cash balance at $6,000. Borrowings are made in $1000 increments. The line of credit is at 9% per year. 12. The ending finished goods inventory should include 25 percent of the next month's needs. The ending inventory of raw materials also should be 20 percent of the next month's needs. This is not true at the beginning of January due to a miscalculation in sales for December. 13. Monthly selling and administrative costs are paid in cash. Per month costs are as follows: Salaries $15,000 Utilities 1800 Office Rent 8,000 Reguired: Prepare a master budget, by month, for the first quarter including quarterly totals and the pro- forma income statement and balance sheet as of March 315t