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The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 54,000 Accounts receivable 354,375 Raw materials inventory 100,495 Finished goods inventory 333,000 Total current assets 841,870 Equipment, gross 628,000 Accumulated depreciation (164,000) Equipment, net ___44L299_ Total assets $1,305,870 Liabilities and Equity Accounts payable $ 212,195 Shortterm notes payable 26,000 Total current liabilities 238,195 Longterm note payable 514,000 Total liabilities 752,195 Common stock 349,000 Retained earnings 204,675 Total stockholders' equity 553,675 Total liabilities and equity $1,305,870 To prepare a master budget for April, May, and June of 2017, management gathers the following information: a. Sales for March total 22,500 units. Forecasted sales in units are as follows: April, 22,500; May, 19,500; June, 21,700; and July, 22,500. Sales of 254,000 units are forecasted for the entire year. The product's selling price is $22.50 per unit and its total product cost is $18.50 per unit. b. Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements. The March 31 raw materials inventory is 5,025 units, which complies with the policy. The expected June 30 ending raw materials inventory is 5,400 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials. c. Company policy calls for a given month's ending finished goods inventory to equal 80% ofthe next month's expected unit sales. The March 31 nished goods inventory is 18,000 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $10 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $4.10 per direct labor hour. Depreciation of $30,790 per month is treated as fixed factory overhead. f. Sales representatives' commissions are 6% of sales and are paid in the month ofthe sales. The sales manager's monthly salary is $4,400. 9. Monthly general and administrative expenses include $26,000 administrative salaries and 0.5% monthly interest on the long term note payable. h. The company expects 30% of sales to be for cash and the remaining 70% on credit. Receivables are collected in full in the month following the sale (none are collected in the month of the sale). i. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases are fully paid in the next month. j. The minimum ending cash balance for all months is $54,000. If necessary, the company borrows enough cash using a short term note to reach the minimum. Shortterm notes reouire an interest navment of 1% at each monthend (before anv GETLITTLE WHICHIS TO OIL COLI FULLECHO INGIt ON repayment ) . If the ending cash balance exceeds the minimum , the excess will be applied to repaying the short-term notes payable balance Dividends of $24 , 000 are to be declared and paid in May 1 . No cash payments for income taxes are to be made during the second calendar quarter Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter m . Equipment purchases of $14 4 000 are budgeted for the last day of June . Required Prepare the following budgets and other financial information as required . All budgets and other financial information should be prepared for the second calendar quarter , except as otherwise noted below . ( Round calculations up to the nearest whole dolla except for the amount of cash sales , which should be rounded down to the nearest whole dollar ) 1 . Sales budge 2 . Production budget 3 . Raw materials budget 4 . Direct labor budget . 5 . Factory overhead budget 6 . Selling expense budge 7 . General and administrative expense budget 8 . Cash budget 9 . Budgeted income statement for the entire second quarter ( not for each month separately ) O . Budgeted balance sheetComplete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 H Required 6 Required 7 Required 8 Required 9 Required 10 Sales budget. (Round Budgeted unit price to 2 decimal places.) April 2017 May 2017 June 2017 Totals for the second quarter m as 22.50 $ 506,250 438,750 22.50 488,250 $ 1 ,433,250 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Required 2 Required 3 H Required 4 Production budget. Next month's budgeted sales (units) 19,500 21,700 m - _-m --- JLlB. __________________ H II II u n Raw materials budget. (Round per unit values to 2 decimal places.) Materials to be purchased Material price per unit Budgeted raw material purchases Required 1 Required 2 Required 6 Required 7 Required 8 Required 9 Required 1 Required 3 3 Required 43 Required 5 Direct labor budget. (Round per unit values to 2 decimal places.) Budgeted production (units) Total labor hours needed Budgeted direct labor cost Required 1 Required 2 Required 3 Required 4 E Required 5 E Required 6 Required 7 Required 8 Required 9 Reql Factory overhead budget. (Round per unit values to 2 decimal places.) Required 1 Required 8 Required 9 Required 10 Required 2 H Required 3 H Required 4 Required 5 E Required 6E Required 7 Selling expense budget. Sales commissions _ Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 2 General and administrative expense budget. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Total budgeted sales Cash sales Sales on credit Current month's cash sales Collections of receivables \fTotal cash payments Preliminary cash balance Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month __________________ Bl_ Budgeted income statement for the entire second quarter (not for each month separately). (Round your nal answers to the nearest whole dollar.) Operating expenses _ Total operating expenses _ n..-\" a -r n !!! \"A\"; \\ Budgeted balance sheet. (Round your nal answers to the nearest whole dollar.) Total current assets Equipment, net Total assets Liabilities and Equity Liabilities Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity