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The management of Zigby Manufacturing prepared the following balance sheet for March 31. Assets ZIGBY MANUFACTURING Balance Sheet March 31 Liabilities Liabilities and Equity Cash $ 48,000 Accounts receivable 413,280 Accounts payable $ 241,200 Raw materials inventory 118,200 Loan payable 12,000 Finished goods inventory 390,648 Long-term note payable 600,000 $ 8 Equipment Less: Accumulated depreciation $ 720,000 180,000 Equity 540,000 Common stock 402,000 Retained earnings 254,928 6 Total assets $ 1,510,128 Total liabilities and equity $ 1,5 To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 24,600 units. Budgeted sales in units follow: April, 24,600; May, 23,400; June, 24,000; and July, 24,600. 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 5,910 pounds. The budgeted June 30 ending raw materials inventory is 4,800 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 19,680 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour. e. The predetermined variable overhead rate is $2.70 per direct labor hour. Depreciation of $24,000 per month is the only fixed factory overhead item. f. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is $3,600. g. Monthly general and administrative expenses include $14,400 for administrative salaries and 0.9% monthly interest on The management of Zigby Manufacturing prepared the following balance sheet for March 31. Assets ZIGBY MANUFACTURING Balance Sheet March 31 Liabilities Liabilities and Equity Cash $ 48,000 Accounts receivable 413,280 Accounts payable $ 241,200 Raw materials inventory 118,200 Loan payable 12,000 Finished goods inventory 390,648 Long-term note payable 600,000 $ 8 Equipment Less: Accumulated depreciation $ 720,000 180,000 Equity 540,000 Common stock 402,000 Retained earnings 254,928 6 Total assets $ 1,510,128 Total liabilities and equity $ 1,5 To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 24,600 units. Budgeted sales in units follow: April, 24,600; May, 23,400; June, 24,000; and July, 24,600. 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 5,910 pounds. The budgeted June 30 ending raw materials inventory is 4,800 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 19,680 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour. e. The predetermined variable overhead rate is $2.70 per direct labor hour. Depreciation of $24,000 per month is the only fixed factory overhead item. f. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is $3,600. g. Monthly general and administrative expenses include $14,400 for administrative salaries and 0.9% monthly interest on