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$ 53,000 392,400 96,600 313,92e 855,928 626,000 (163,eee) 463,000 $ 1,318,920 Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated

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$ 53,000 392,400 96,600 313,92e 855,928 626,000 (163,eee) 463,000 $ 1,318,920 Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 284,820 25,880 229,800 520,000 749,800 348,000 221, 120 569, 120 $ 1,318,929 To prepare a master budget for April, May, and June of 2019, management gathers the following information a. Sales for March total 24,800 units. Forecasted sales in units are as follows: April, 21,800; May, 18,700; June, 21000; and July, 21,800. Sales of 253,000 units are forecasted for the entire year. The product's selling price is $22.50 per unit and its total product cost is $18.00 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 4,830 units, which complies with the policy. The expected June 30 ending raw materials inventory is 5,300 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% of the next month's expected unit sales. The March 31 finished goods inventory is 17,440 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $9 per hour e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $400 per direct labor hour Depreciation of $30,750 per month is treated as fixed factory overhead 1. Sales representatives commissions are 8% of sales and are paid in the month of the sales. The sales manager's monthly salary is $4,300 9. Monthly general and administrative expenses include $25,000 administrative salaries and 0.7% monthly interest on the long-term note payable h. The company expects 20% of sales to be for cash and the remaining 80% on credit Receivables are collected in full in the month following the sale (none are collected in the month of the sale) 1. 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 $53,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance k. Dividends of $23,000 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 $143,000 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 dollar, except for the amount of cash sales, which should be rounded down to the nearest whole dollar.) 1. Sales budget 2. Production budget 3. Raw materials budget 4. Direct labor budget. 5. Factory overhead budget. 6. Selling expense budget 7. General and administrative expense budget 8. Cash budget 9. Budgeted income statement for the entire second quarter (not for each month separately). 10. Budgeted balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required S Required 6 Required 7 Required 8 Required 9 Required 10 Sales budget. (Round Budgeted unit price to 2 decimal places.) ZIGBY MANUFACTURING Sales Budget April, May, and June 2019 Budgeted Budgeted Budgeted Unit Sales Unit Price Sales Dollars April 2019 May 2010 June 2019 Totals for the second quarter Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Production budget. ZIGBY MANUFACTURING Production Budget April, May, and June 2019 April May Next month's budgeted sales (units) 18,700 21,000 Ratio of inventory to future sales 80% 80% June 21,800 80% Required units of available production Units to be produced Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Raw materials budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Raw Materials Budget April, May, and June 2019 April May June Production budget (units) Materials needed for production Total materials requirements (units) Materials to be purchased Material price per unit Budgeted raw material purchases Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 requirdd 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Direct labor budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Labor Budget April, May, and June 2019 April May June Total Budgeted production (units) Total labor hours needed 0 Budgeted direct labor cost Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Factory overhead budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Factory Overhead Budget April, May, and June 2019 April May June Total Labor hours needed Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April, May, and June 2019 April May June Total budgeted G&A expenses Budgeted income statement for the entire second quarter (not for each month separately). (Round your final answer nearest whole dollar) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2019 Operating expenses Total operating expenses 0 0 $ ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2019 Assets Total current assets $ 0 Equipment, net Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity

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