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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 . To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 102,500 units. Budgeted sales in units follow: April, 102,500; May, 97,500; June, 100,000; and July, 102,500. 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 24,625 pounds. The budgeted June 30 ending raw matorials inventory is 20,000 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 82,000 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 $100,000 per month is the oniy fixed factory overhead item. f. Sales commissions of 8% of sales are poid in the month of the sales. The sales manager's monthly salary is $15,000. 9. Monthly general and administrative expenses include $60,000 for administrative salaries and 0.9% monthly interest on the long. term note payable. h. The company budgets 30% of sules to be for cash and the remaining 70% on credit, Credit sales are collected in fill in the month foliowing the sale (no credit sales are collected in the month of sale) 1. All row materiais purchases are on credit, and accounts payable are solely tied to raw materials purchases. Riow materials purchases are fully paid in the next month (none are paid in the month of purchase) 1. The minimum ending cash balance for all months is $200,000 if necessary, the company borrows enough cash using a loan to teach the minimum. Loans require an interest poyment of 12 ot each month-end (before any repayment) if the month end preiminary cash balnoce exceeds the minimum, the excess will be used to repay any loans. K. Dividends of 550,000 ate budgeted to be declared and paid in May 1. No cash payments for income taxes are budgeted in the second calendar quarter income tax wilt be ausessed at asxin the quartot and bucgeted to be paid in the third calender quartes. m. Equpment purchosep of $500000 ars bodgeted for the tast day of Jume Complete this question by entering your answers in the tabs below. General and administrative expense budget. Note: Round your final answers to the nearest whole dollar. 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. Selling expense budget. Budgeted income statement for entire second quarter (not monthly). Note: Round your final answers to the nearest whole dollar
