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The management of Zigby Manufacturing prepared the following balance sheet for March 31 ZIGBY MANUFACTURING Balance Sheet March 31 Assets Liabilities and Equity Cash $ 40,eee Liabilities Accounts receivable 344,400 Accounts payable Raw materials inventory 98, see Loan payable Finished goods inventory 325,540 Long-tern note payable Equipment $ 600,000 Equity Less: Accumulated depreciation 150,000 450,000 Connon stock Retained earnings Total assets 51.258,440 Total liabilities and equity To prepare a master budget for April, May, and June, management gathers the following information $ 201,00 12,000 520.00 5 713,000 335,000 210, 440 545,440 31,258/440 a. Soles for March total 20,500 units. Budgeted sales in units follow. April, 20,500: May, 19,500: June 20,000; and July, 20,500. 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 4,925 pounds. The budgeted June 30 ending raw materials inventory is 4,000 pounds. Each finished unit requires 0.50 pound of direct materials. e 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 16,400 units. d. Each finished unit requires 0.50 hour of direct laborat a rate of $15 per hour .. The predetermined variable overhead rate is $2.70 per direct labor hout. Depreciation of $20,000 per month is the only fixed factory overhead item. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is $3,000. 9. Monthly general and administrative expenses include $12.000 for administrative salaries and 0.96 monthly interest on the long term note payable. h. The company budgets 30% of sales to be for cash and the remaining 70% on credit. Credit sales are collected in fuit in the month following the sale (no credit sales are collected in the month of sale) All raw materials 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 $40.000. If necessary, the comoony borrows enouch cash using a loan to reach 1. All raw materials 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). J. The minimum ending cash balance for all months is $40,000. 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 $10,000 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. Required: Prepare the following budgets 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. Req 7 Req 8 to 10 Req 11 Reg 12 Reg 6 Reg 2 Reg 4 Reg 1 Reg 3 Reg 5 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 Regs Reg 6 Reg 7 Req 8 to 10 Reg 11 Reg 12 Sales budget ces ZIGBY MANUFACTURING Sales Budgets April May June Budgeted sales units Selling price per unit Total budgeted sales meg Reg 2 > Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 Production budget. ZIGBY MANUFACTURING Production Budget April May June Total Budgeted sales units 19,500 80% 20,000 80% 20,500 80% Next period budgeted sales units Ratio of inventory to future sales Desired ending Inventory units Total required units Units to produce Direct materials budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Materials Budget April May June Units to produce Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases Direct labor budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Labor Budget April May June Total Units to produce Direct labor hours needed Cost of direct labor budget. ZIGBY MANUFACTURING Selling Expense Budget April May June Budgeted sales Sales commissions (Reg 5 Req> > General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April May June Total general and administrative expenses 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) June May 468,000 $ 480,000 ZIBGY MANUFACTURING Schedule of Cash Receipts April Sales $ 492,000 $ Cash receipts from Cash sales Collections of prior period sales Total cash receipts 182,000 Schedule of Cash Payments for Direct Materials April Materials purchases $ 198,000 $ 201,500 $ Cash payments for Current period purchases Prior period purchases Total cash payments Cash Budget April May June Beginning cash balance Total cash available Less: Cash payments for: Total cash payments Preliminary cash balance Ending cash balance Loan balance April May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month $ 0 Budgeted income statement for entire second quarter (not monthly). (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 Seling, general and administrative expenses Total operating expenses Budgeted balance sheet at June 30. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30 Assets Total assets Liabilities and Equity Liabilities Equity Total Liabilities and Equity