2 The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGRY MANUFACTURING Balance Sheet 15 points Caph Accounts receivable Raw materials inventory March 31 Assets Liabilities and Equity $ 53,000 Liabilities 350,990 Accounts payable $204,800 96,600 Loan payable 25,000 Finished goods inventory 313,920 Long-term note payable 500,000 $729,000 Equipment 5626,000 Equity Less Accumulated depreciation 163,000 463,000 Common stock 348,000 Retained earnings 199,700 Total assets $1,277,500 Total liabilities and equity 547,700 $1,277,500 To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 21,800 units. Budgeted sales in units follow: April, 21,800, May, 18,700, June, 21,000; and July, 21,800. The product's selling price is $23.00 per unit and its total product cost is $18.00 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 4,830 pounds. The budgeted June 30 ending raw materials inventory is 5,300 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 17.440 units d. Each finished unit requires 0.50 hour of direct labor at a rate of $9 per hour. e. The predetermined variable overhead rate is $4.00 per direct labor hour. Depreciation of $30,750 per month is the only fixed factory overhead item. f Sales commissions of R% of sales are naid in the month of the cales The sales mananer's monthly salary is $4 300 my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate comples 15 2 points Mc f. Sales commissions of 8% of sales are paid in the monof the sales. The sales manager's monthly salary is $4,300 g. Monthly general and administrative expenses include $25,000 for administrative salaries and 0.7% 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 full in the mon following the sale (no credit sales are collected in the month of sale). L 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 $53,000. If necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of that 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 $23,000 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 ed income statement for andis sarnnd uarter innt moethu nds 7. General du dumb duve expense buyer 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 Req 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 Sales budget. Budgeted sales units Selling price per unit ZIGBY MANUFACTURING Sales Budgets Total budgeted sales April May 21.800s 18.700 June $21,000) $ 23.00 $ 23.00 $501,400 23.00 $430.100 $ 483,000 Reg Req 2 > MY Or M Cha 30 Aug Chalk mys 2 Quan Ow 20:34 5252F%252F90education.com/Fing 2 3 "S B Q W E R T Y 1 P A S S D F G H J K L Z X C V B N M ton Check my work mode: This shows what is correct or incorrect for the work you have completed so far. I Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 Req 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 Direct materials budget. (Round per unit values to 2 decimal places.) 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 ZIGBY MANUFACTURING Direct Materials Budget April May June 19,320 20.540 21.640 4,830 ANSWER IS HUL COMPILE. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 hsea 4 Req 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 Direct labor budget. (Round per unit values to 2 decimal places.) Units to produce Direct labor hours needed Cost of direct labor ZIGBY MANUFACTURING Direct Labor Budget April May June Total 0 2 Answer is not compiete, Complete this question by entering your answers in the tabs below. Ints. Req 11 Req 2 Req 3 Reg 4 Reds Req 6 Req 7 Req 8 to 10 Req 111 Reg 12 Factory overhead budget. (Round variable overhead rate values to 2 decimal places.) Direct labor hours needed ZIGBY MANUFACTURING Factory Overhead Budget April May June Total Variable overhead rate per direct labor hour Budgeted variable overhead Budgeted fixed overhead Budgeted total factory overhead 15 2 Answer is not complete. Complete this question by entering your answers in the tabs below. points Req 1 Req 2 Req 3 Req 4 Req 5 Leg 6 Req 7 Req 8 to 10 Req 11 Req 12 Selling expense budget. ZIGBY MANUFACTURING Selling Expense Budget April May June Budgeted sales Sales commissions 2 12. Budgeted balance sheet at June 30. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 Req 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April May June Total general and administrative expenses 2 Req 1 Reg Req 3 Req 41 Reg 5 Req 6 Reg 7 Req 8 to 10 Req 111 Req 12 15 B. Schedule of cash receipts.) 9. Schedule of cash payments for direct matenals. points Me Graw 10. Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign), Sales Cash receipts from. Cash Collections of prior period sales Total cash cepte ZBOY MANUFACTURING Schedule of Cash Receipts April May June 501.400 430,100 $483.000 Schestule of Cash Payments for Direct Materials Materials purchases Cash payments for Current period purchases Por period purchases April 10.300 May $210.000 $214.200 June < Previ 2 of 2 Next > Show less a roupon Password Reset x | An Evening Of Soul: Music X Welcome - Main View | H X Assignments: ACC 2020 X C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%2 Chapter 20 Assignment Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so 2 Schedule of Cash Payments for Direct Materials 15 Materials purchases Cash payments for points Current period purchases Mc Graw Hill Prior period purchases Total cash payments Beginning cash balance Total cash available Less: Cash payments for April May June $ 199,300 $ 210,900 $ 214,200 0 $ 0 $ 0 Cash Budget April May June < Prev 2 of 2 Next April May June 15 2 points Beginning cash balance Total cash available Less: Cash payments for: Cash Budget Mc Graw Total cash payments Preliminary cash balance Ending cash balance 0 0 0. k 2 15 points Mc Total cash payments Preliminary cash balance Ending cash balance Loan balance-Beginning of month Additional loan (loan repayment) Loan balance-End of month A 0 0 0 Loan balance April May June Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 Req 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 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 Selling, general and administrative expenses Total operating expenses + 0 0 < Prev 2 of 2 # Next 2 For Three Months Ended June 30 15 points Selling, general and administrative expenses Total operating expenses 0 0 $ 0 Mc Graw dy Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not in 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 41 Req 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 Budgeted balance sheet at June 30. (Round your final answers to the nearest whole dollar) ZIOBY MANUFACTURING Budgeted Balance Sheet Juve 30 Assets < Prev 2 of 2 Next > C ezto.mheducation.com/ext/map/index.html?_con-con&external_browser=0&launchUrl=https%253A%252F% Chapter 20 Assignment Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so 2 15 points 74F Mc Graw Hill Total assets Liabities Equity ZIGBY MANUFACTURING Budgeted Balance Sheet June 30 Assets Liabilities and Equity 0 < Prev 2 of 2 Next 2 Dints Total assets Liabilities Equity Total Liabilities and Equity Liabilities and Equity 0