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BIGBY MANUFACTURING Balance Sheet March 31 Assets Liabilities and Equity Cash $ 57,000 Liabilities Accounts receivable 406,000 Accounts payable Raw materials inventory 91,600 Loan payable Pinished goods inventory 380,480 Long-term note payable Equipment $ 634,000 Equity Less: Accumulated depreciation 167,000 467,000 Common stock Retained earnings Total assets $ 1,402,080 Total liabilities and equity To prepare a master budget for April, May, and June, management gathers the following information. $ 206,300 29,000 500,000 $ 735,300 352,000 314, 780 666,780 $ 1,402.080 a. Sales for March total 23,200 units. Budgeted sales in units follow. April, 23,200; May, 17,100; June, 21,900; and July, 23,200. The product's selling price is $25.00 per unit and its total product cost is $20.50 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 4,580 pounds. The budgeted June 30 ending raw materials inventory is 5.700 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 31 finished goods inventory is 18,560 units. d. Each finished unit requires 0.50 hour of direct laborat a rate of $13 per hour. e. The predetermined variable overhead rate is $4.40 per direct labor hour. Depreciation of $37.320 per monthfis the only fixed factory overhead Item t. Sales commissions of 5% of sales are paid in the month of the sales. The sales manager's monthly salary is $4,700. 9. Monthly general and administrative expenses include $29,000 for administrative salaries and 0.8% monthly interest on the long term note payable n. The company budgets 30% of sales to be for cash and the remaining 70% on credit. Credit sales are collected in full in the month following the sale (no credit sales are collected in the month of sale) 1. All raw materiais purchases are on credit, and accounts payable are solely tied to raw materials purchases, Raw materials purchases are fully paid in the next month (none are paid in the month of purchase) ). The minimum ending cash balance for all months is $57000. If necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of 1% at each month end (before any repayment). If the month-end preliminary cash balance exceeds the minimum, the excess will be used to repay any loans. k. Dividends of $27000 are budgeted to be declared and paid in May 1. No cash payments for income taxes are budgeted in the second calendar quarter. Income tax will be assessed at 35% in the quarter and budgeted to be paid in the third calendar quarter m. Equipment purchases of $100,000 are budgeted for the last day of June. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req 3 Req 4 Req 5 Req 6 Req 7 Req 8 to 10 Req Sales budget. Budgeted sales units Selling price per unit Total budgeted sales ZIGBY MANUFACTURING Sales Budgets April May 23,200 17.100 $ $ 25.00 25.00 $ $ 580,000 $ 427,500 $ June 21,900 25.00 547,500 RO Req 2 > Lash budget. Budgeted income statement for entire second quarter (not monthly). Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req3 Req 4 Reg 5 Req 6 Req 7 Reg 8 to 1 Production budget. ZIGBY MANUFACTURING Production Budget April 23,200 May 17,100 Total June 21,900 17.100 21,900 Budgeted sales units Add: Desired ending inventory Next period budgeted sales units Ratio of inventory to future sales Desired ending inventory units Total required units Less: Beginning inventory units Units to produce 80% 13,680 23.200 18,560 80% 17,520 17,100 13,680 20,940 23,200 80% 18,560 21,900 40.460 22,940 18,320 62,200 Schedule of cash payments for direct materials. Cash budget . Budgeted income statement for entire second quarter (not monthly). 2. Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3 Reg 4 Req 5 Reg 6 Req 7 Req 8 to 10 Direct materials budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Materials Budget April May June Total 18,320 20,940 22,940 0.50 0.50 0.50 9,160 10,470 Units to produce Materials required per unit (pounds) Materials needed for production (pounds) Add: Desired ending inventory Total materials required (pounds) Less: Beginning materials inventory Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases 11,470 5,700 5,235 5,735 14,395 16,205 17.170 4,580 5,235 5,735 9,815 10,970 11,435 $ 20 $ 20 $ 20 $ $ 196,300 $ 219,400 $ 228.700 $ 32,220 20 644,400 actory overhead budget. Elling expense budget. eneral and administrative expense budget. chedule of cash receipts. chedule of cash payments for direct materials. Cash budget Budgeted income statement for entire second quarter (not monthly). Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req 3 Req 4 Reg 5 Req 6 Req 7 Req 8 to 10 Direct labor budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Labor Budget April May June Total 18,320 20.940 0.50 Units to produce Direct labor hours required per unit Direct labor hours needed Direct labor cost per hour Cost of direct labor 0.50 10,470 22.940 0.50 11.470 9.160 $ 13 $ $ 13 $ 13 31,100 $ 13 $ 404,300 $ 119,080 $ 136,110 $ 149,110 eneral and thedule of cash receipts. chedule of cash payments for direct materials. Cash budget Budgeted income statement for entire second quarter (not monthly). Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Req 2 Req3 Rel 5 Req 1 Reg 4 Req6 Req 7 Req 8 to 10 Factory overhead budget. (Round variable overhead rate values to 2 decimal places.) June Total 11,470 ZIGBY MANUFACTURING Factory Overhead Budget April May Direct labor hours needed 9,160 10,470 Variable overhead rate per direct labor hour $ 4.40 $ 4.40 $ Budgeted variable overhead $ 40,304 $ 46,068 $ Budgeted fixed overhead 37,320 37,320 Budgeted total factory overhead 77,624 $ 83,388 $ $ 4.40 CA 136,840 50,468 $ 37,320 87,788 $ 111,960 248,800 Prey -- Savo bter 20 5. Factory overhead budget $. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4 Reg 5 Reg 6 Req7 Req 8 to 10 Selling expense budget. June Total Budgeted sales Sales commission percent Sales commissions Sales salaries Total selling expenses ZIGBY MANUFACTURING Selling Expense Budget April May $ 580,000 $ 427,500 $ 5% 5% $ 29,000 $ 21,375 $ 4,700 4,700 $ 33,700 $ 26,075 $ 547,500 5% 27,375 $ 4,700 32,075 $ 77,750 14,100 91,850 hapter 20 0 Saved Prepare ine ollowing ouagets for the months of April, may, and June 1. Sales budget 2. Production budget. 3. Direct materials budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Req1 Req2 Reg 3 Reg 4 Reg 5 Reg 6 Req 7 Req 8 to 10 Re General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April May Administrative salaries $ 29,000 $ 29,000 $ Interest on long-term note 4,000 4,000 Total general and administrative expenses $ 33,000 $ 33,000 $ June Total $ 87.000 29,000 $ 4,000 33,000 $ 12,000 99,000 ZIBGY MANUFACTURING Schedule of Cash Receipts April $ 580,000 $ May June 547,500 427,500 $ Sales Cash receipts from Cash sales Collections of prior period sales Total cash receipts 174,000 406,000 580,000 $ 128,250 406,000 534,250 $ 164,250 299,250 463,500 $ Schedule of Cash Payments for Direct Materials April May Materials purchases $ 196,300 $ 219,400 $ Cash payments for Current period purchases $ of s or $ Prior period purchases 206,300 196 300 Total cash payments $ 206,300 196,300 $ June 228.700 tes $ 0 219,400 219,400 Cash Budget April $ 57,000 June $ Beginning cash balance Add: Cash receipts from sales Total cash available Less: Cash payments for May 175,326 534.250 709,576 $ 245.023 580,000 637,000 463,500 708,523 Direct material Direct labor Variable overhead General and administrative salaries Sales commissions Sales salaries Loan interest 206,300 119,080 40,304 29,000 29,000 4,700 290 196,300 136.110 46,068 29.000 21,375 4,700 0 219.400 149, 110 50.468 29,000 27,375 4,700 0 Saved Chapter 20 June Beginning cash balance Add: Cash receipts from sales Total cash available Less: Cash payments for Cash Budget April $ 57,000 580,000 637,000 $ May 175,326 $ 534,250 709,576 245,023 463,500 708,523 196,300 136, 110 Direct material Direct labor Variable overhead General and administrative salaries Sales commissions Sales salaries Loan interest Dividends Purchases of equipment Long-term note interest Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 206,300 119,080 40,304 29,000 29,000 4.700 290 46,068 29,000 21,375 4.700 0 219,400 149, 110 50,468 29,000 27,375 4,700 0 0 27,000 0 0 0 0 4,000 432,674 204,326 (29,000) 175,326 $ 4,000 464,553 245,023 0 245,023 $ 4,000 484,053 224.470 0 224,470 $ Loan balance April May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month $ 0 $ 0 29,000 $ (29,000) 0 $ 0 $ 0 0 $ 0 Factory overhead budget. Selling expense budget. General and administrative expense budget. 3. Schedule of cash receipts. 2. Schedule of cash payments for direct materials. 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3 Req4 Reg 5 Reg 6 Req 7 Reg 8 to Budgeted Income statement for entire second quarter (not monthly). (Round your final answers ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 $ 1,555,000 1.275,100 279,900 Sales Cost of goods sold Gross profit Selling general and administrative expenses Sales commissions expense Sales salaries expense General administrative salaries expense Long-term note interest expense Loan interest expense Retained earnings Total operating expenses Income before taxes 77,750 14.100 87.000 12.000 290 Income taxes expense Net income 191.140 88.760 31,066 57,694 $ RA3.10.10 Rec 12 Reg 1 Req 2 Reg 3 Reg 4 Reg 5 Reg 6 Req 7 R Budgeted balance sheet at June 30. (Round your final answers to the nearest whole dolla ZIGBY MANUFACTURING Budgeted Balance Sheet June 30 Assets Cash $ Accounts receivable Raw materials inventory Finished goods inventory Equipment $ Less: Accumulated depreciation 224,470 383,250 114,000 380,480 634,000 278,960 Total assets 355,040 $ 1,457,240 Liabilities and Equity Liabilities Accounts payable Income tax expense Bank loan payable Equity Common stock $ 2,280,700 31,066 0 Retained earnings 352.000 345,474 Total Liabilities and Equity $ 3,009,240 Lash budget. Budgeted income statement for entire second quarter (not monthly). Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req3 Req 4 Reg 5 Req 6 Req 7 Reg 8 to 1 Production budget. ZIGBY MANUFACTURING Production Budget April 23,200 May 17,100 Total June 21,900 17.100 21,900 Budgeted sales units Add: Desired ending inventory Next period budgeted sales units Ratio of inventory to future sales Desired ending inventory units Total required units Less: Beginning inventory units Units to produce 80% 13,680 23.200 18,560 80% 17,520 17,100 13,680 20,940 23,200 80% 18,560 21,900 40.460 22,940 18,320 62,200 Schedule of cash payments for direct materials. Cash budget . Budgeted income statement for entire second quarter (not monthly). 2. Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3 Reg 4 Req 5 Reg 6 Req 7 Req 8 to 10 Direct materials budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Materials Budget April May June Total 18,320 20,940 22,940 0.50 0.50 0.50 9,160 10,470 Units to produce Materials required per unit (pounds) Materials needed for production (pounds) Add: Desired ending inventory Total materials required (pounds) Less: Beginning materials inventory Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases 11,470 5,700 5,235 5,735 14,395 16,205 17.170 4,580 5,235 5,735 9,815 10,970 11,435 $ 20 $ 20 $ 20 $ $ 196,300 $ 219,400 $ 228.700 $ 32,220 20 644,400 actory overhead budget. Elling expense budget. eneral and administrative expense budget. chedule of cash receipts. chedule of cash payments for direct materials. Cash budget Budgeted income statement for entire second quarter (not monthly). Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req 3 Req 4 Reg 5 Req 6 Req 7 Req 8 to 10 Direct labor budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Labor Budget April May June Total 18,320 20.940 0.50 Units to produce Direct labor hours required per unit Direct labor hours needed Direct labor cost per hour Cost of direct labor 0.50 10,470 22.940 0.50 11.470 9.160 $ 13 $ $ 13 $ 13 31,100 $ 13 $ 404,300 $ 119,080 $ 136,110 $ 149,110 eneral and thedule of cash receipts. chedule of cash payments for direct materials. Cash budget Budgeted income statement for entire second quarter (not monthly). Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Req 2 Req3 Rel 5 Req 1 Reg 4 Req6 Req 7 Req 8 to 10 Factory overhead budget. (Round variable overhead rate values to 2 decimal places.) June Total 11,470 ZIGBY MANUFACTURING Factory Overhead Budget April May Direct labor hours needed 9,160 10,470 Variable overhead rate per direct labor hour $ 4.40 $ 4.40 $ Budgeted variable overhead $ 40,304 $ 46,068 $ Budgeted fixed overhead 37,320 37,320 Budgeted total factory overhead 77,624 $ 83,388 $ $ 4.40 CA 136,840 50,468 $ 37,320 87,788 $ 111,960 248,800 Prey -- Savo bter 20 5. Factory overhead budget $. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4 Reg 5 Reg 6 Req7 Req 8 to 10 Selling expense budget. June Total Budgeted sales Sales commission percent Sales commissions Sales salaries Total selling expenses ZIGBY MANUFACTURING Selling Expense Budget April May $ 580,000 $ 427,500 $ 5% 5% $ 29,000 $ 21,375 $ 4,700 4,700 $ 33,700 $ 26,075 $ 547,500 5% 27,375 $ 4,700 32,075 $ 77,750 14,100 91,850 hapter 20 0 Saved Prepare ine ollowing ouagets for the months of April, may, and June 1. Sales budget 2. Production budget. 3. Direct materials budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Req1 Req2 Reg 3 Reg 4 Reg 5 Reg 6 Req 7 Req 8 to 10 Re General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April May Administrative salaries $ 29,000 $ 29,000 $ Interest on long-term note 4,000 4,000 Total general and administrative expenses $ 33,000 $ 33,000 $ June Total $ 87.000 29,000 $ 4,000 33,000 $ 12,000 99,000 ZIBGY MANUFACTURING Schedule of Cash Receipts April $ 580,000 $ May June 547,500 427,500 $ Sales Cash receipts from Cash sales Collections of prior period sales Total cash receipts 174,000 406,000 580,000 $ 128,250 406,000 534,250 $ 164,250 299,250 463,500 $ Schedule of Cash Payments for Direct Materials April May Materials purchases $ 196,300 $ 219,400 $ Cash payments for Current period purchases $ of s or $ Prior period purchases 206,300 196 300 Total cash payments $ 206,300 196,300 $ June 228.700 tes $ 0 219,400 219,400 Cash Budget April $ 57,000 June $ Beginning cash balance Add: Cash receipts from sales Total cash available Less: Cash payments for May 175,326 534.250 709,576 $ 245.023 580,000 637,000 463,500 708,523 Direct material Direct labor Variable overhead General and administrative salaries Sales commissions Sales salaries Loan interest 206,300 119,080 40,304 29,000 29,000 4,700 290 196,300 136.110 46,068 29.000 21,375 4,700 0 219.400 149, 110 50.468 29,000 27,375 4,700 0 Saved Chapter 20 June Beginning cash balance Add: Cash receipts from sales Total cash available Less: Cash payments for Cash Budget April $ 57,000 580,000 637,000 $ May 175,326 $ 534,250 709,576 245,023 463,500 708,523 196,300 136, 110 Direct material Direct labor Variable overhead General and administrative salaries Sales commissions Sales salaries Loan interest Dividends Purchases of equipment Long-term note interest Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 206,300 119,080 40,304 29,000 29,000 4.700 290 46,068 29,000 21,375 4.700 0 219,400 149, 110 50,468 29,000 27,375 4,700 0 0 27,000 0 0 0 0 4,000 432,674 204,326 (29,000) 175,326 $ 4,000 464,553 245,023 0 245,023 $ 4,000 484,053 224.470 0 224,470 $ Loan balance April May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month $ 0 $ 0 29,000 $ (29,000) 0 $ 0 $ 0 0 $ 0 Factory overhead budget. Selling expense budget. General and administrative expense budget. 3. Schedule of cash receipts. 2. Schedule of cash payments for direct materials. 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3 Req4 Reg 5 Reg 6 Req 7 Reg 8 to Budgeted Income statement for entire second quarter (not monthly). (Round your final answers ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 $ 1,555,000 1.275,100 279,900 Sales Cost of goods sold Gross profit Selling general and administrative expenses Sales commissions expense Sales salaries expense General administrative salaries expense Long-term note interest expense Loan interest expense Retained earnings Total operating expenses Income before taxes 77,750 14.100 87.000 12.000 290 Income taxes expense Net income 191.140 88.760 31,066 57,694 $ RA3.10.10 Rec 12 Reg 1 Req 2 Reg 3 Reg 4 Reg 5 Reg 6 Req 7 R Budgeted balance sheet at June 30. (Round your final answers to the nearest whole dolla ZIGBY MANUFACTURING Budgeted Balance Sheet June 30 Assets Cash $ Accounts receivable Raw materials inventory Finished goods inventory Equipment $ Less: Accumulated depreciation 224,470 383,250 114,000 380,480 634,000 278,960 Total assets 355,040 $ 1,457,240 Liabilities and Equity Liabilities Accounts payable Income tax expense Bank loan payable Equity Common stock $ 2,280,700 31,066 0 Retained earnings 352.000 345,474 Total Liabilities and Equity $ 3,009,240