a.) Disney+ | Video Player {2 ACCT-2224501351 - EOSEHEUGSE - 202306 \" 9 U E Hezlamheducationcom C. Li] + [a a Question 'l - Ch 20: Homework - Connect Ch 20: Homework 0 Saved Help 1 paints skipped References Problem 20-4A (Algo) Manufacturing: Preparation of a complete master budget L0 P1. P2, P3 The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBT MAN U FACTURING Balance Sheet March 31 Assets Liabilities and Equity Cash $ 154,683 Liabilities Accounts receivable 1,534,24I Accounts payable 3; 924,6\" Raw materials inventory 453,103 Loan payable 12.0% Finished goods inventory 1,497,484 Long-term note payable 2,300.8\" 1. 3,236.69\" Equipment $ 2,760,563 Equity Less: Accumulated depreciation 696,093' 2,370,588 Common stock 1,541.6\" Retained earnings w Total assets $ 5.755.324 Total liabilities and equity $ 5.755.324 To prepare a master budget for April, May, and June, management gathers the following information. b. Sales for March total 94,300 units. Budgeted sales in units follow: April. 94.300; May, 89,700; June, 92,000: and July, 94,300. The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. 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% ofthe next month's direct materials requirements. The March 31 raw materials inventory is 22,655 pounds. The budgeted June 30 ending raw materials inventory is 18,400 pounds. Each finished unit requires 0.50 pound of direct materials. Company policy calls for a given month's ending nished goods inventory to equal 80% ofthe next month's budgeted unit sales. The March 31 nished goods inventory is 75,440 units. Each finished unit requires 0.50 hour ofdirect labor at a rate of $15 per hour. The predetermined variable overhead rate is $2.70 per direct labor hour. Depreciation of $92,000 per month is the only xed factory overhead item. Sales commissions of 8% of sales are paid in the month ofthe sales. The sales manager's monthly salary is $13,800. Monthly general and administrative expenses include $55,200 for administrative salaries and 0.9% monthly interest on the long- term note payable. The company budgets 30% of sales to be for cash and the remaining 70% on credit. Credit sales are collected in full in the month following the sale (no credit sales are collected in the month of sale). Prev 1 of 1 iii Next u Dashboard Save a Exit Submit Check my work 99 a.) Disney+| Video Player {3 ACCT-2224501351 - SOSEHEDSSB - 202306 n e o E Hezto.rnheducation.com C: a] 'l' [a a Question 'i - Ch 20: Homework - Connect cm 20: Homework 0 am Help 1 polnrs skipped References Mc Graw Hill \"mum\"! ...c sun. p... on\"... so\"... u... \"when.\" ... um mm...\" M. ..unq. 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 $184,000. If necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of 196 at each month-end [before any repayment). lfthe month-end preliminary cash balance exceeds the minimum, the excess will be used to repay any loans. Dividends 012546900 are budgeted to be declared and paid in May. 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. Equipment purchases of $460,000 are budgeted for the last day otJune. Required: 1. mmpwu Sales budget. Production budget. Direct materials budget. Direct labor budget. Factory overhead budget. Selling expense budget. General and administrative expense budget. Schedule of cash receipts. Schedule of cash payments for direct materials. Cash budget. . Budgeted income statement for entire second quarter (not monthly). Budgeted balance sheet at June 30. Complete thls question by enterlnn your answers In the tabs below. Reg 1. Red 2 Req 3 Req 4 Reg 5 Red 6 Req 7 Req Sta 10 Req 11 Req 12 Sales budget. Prev 1 of 1 Next Dashboard Save 3: Exit Submlt Check my work 99 " ezto.mheducation.com + Disney+ | Video Player ACCT-222-350/351 - 60637/60638 - 202306 M Question 1 - Ch 20: Homework - Connect Dashboard Ch 20: Homework i Saved Help Save & Exit Submit 99 Check my work 4. VITELLIawUI wuuyeL. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash receipts. 12 9. Schedule of cash payments for direct materials.. points 10. Cash budget. 11. Budgeted income statement for entire second quarter (not monthly). Skipped 12. Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. eBook Req 1 Reg 2 Reg 3 Reg 4 Reg 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 Print Sales budget. ZIGBY MANUFACTURING References Sales Budgets April May June Budgeted sales units Selling price per unit Total budgeted sales $ o $ o $ Mc Graw Hill" ezto.mheducation.com + Disney+ | Video Player ACCT-222-350/351 - 60637/60638 - 202306 M Question 1 - Ch 20: Homework - Connect Dashboard Ch 20: Homework i Saved Help Save & Exit Submit 99 Check my work 4. VITELLIawUI wuuyeL. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash receipts. 12 9. Schedule of cash payments for direct materials.. points 10. Cash budget. 11. Budgeted income statement for entire second quarter (not monthly). Skipped 12. Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. eBook Req 1 Reg 2 Reg 3 Reg 4 Reg 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 Print Production budget. ZIGBY MANUFACTURING References Production Budget April May June Total Budgeted sales units Next period budgeted sales units 89,700 92,000 94,300 Ratio of inventory to future sales 80% 80% 80% Desired ending inventory units Total required units Units to produce Mc Graw Hill" ezto.mheducation.com + Disney+ | Video Player ACCT-222-350/351 - 60637/60638 - 202306 M Question 1 - Ch 20: Homework - Connect Dashboard Ch 20: Homework i Saved Help Save & Exit Submit 99 Check my work 12. Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. 12 points Req 1 Req 2 Req 3 Reg 4 Reg 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 Skipped Direct materials budget. Note: Round per unit values to 2 decimal places. ZIGBY MANUFACTURING eBook Direct Materials Budget April May June Print Units to produce Materials needed for production References (pounds) Total materials required (pounds) Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases Mc Graw Hill" ezto.mheducation.com + Disney+ | Video Player ACCT-222-350/351 - 60637/60638 - 202306 M Question 1 - Ch 20: Homework - Connect Dashboard Ch 20: Homework Saved Help Save & Exit Submit 99 Check my work U. ULIICUUIC VI LUSII TELEINIS. 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. 12 points Complete this question by entering you Assessment Tool iFrame bs below. Skipped Req 1 Req 2 Req 3 Req 4 Req 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 eBook Direct labor budget. Note: Round per unit values to 2 decimal places. Print ZIGBY MANUFACTURING Direct Labor Budget April May June Total References Units to produce Direct labor hours needed Cost of direct labor Mc Graw Hill" ezto.mheducation.com + Disney+ | Video Player ACCT-222-350/351 - 60637/60638 - 202306 M Question 1 - Ch 20: Homework - Connect Dashboard Ch 20: Homework i Saved Help Save & Exit Submit 99 Check my work O. JUNIEQUIE VI LasII TELEINIS. 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. 12 points Complete this question by entering your answers in the tabs below. Skipped Req 1 Req 2 Req 3 Req 4 Reg 5 Reg 6 Req 7 Req 8 to 10 Req 11 Req 12 eBook Factory overhead budget. Note: Round variable overhead rate values to 2 decimal places. Print ZIGBY MANUFACTURING Factory Overhead Budget April May June Total References Direct labor hours needed Variable overhead rate per direct labor hour Budgeted variable overhead Budgeted fixed overhead Budgeted total factory overhead Mc Graw Hill" ezto.mheducation.com + Disney+ | Video Player ACCT-222-350/351 - 60637/60638 - 202306 M Question 1 - Ch 20: Homework - Connect Dashboard Ch 20: Homework i Saved Help Save & Exit Submit 99 Check my work O. JUNIEQUIE VI LasII TELEINIS. 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. 12 points Complete this question by entering your answers in the tabs below. Skipped Req 1 Req 2 Reg 3 Req 4 Req 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 eBook Selling expense budget. ZIGBY MANUFACTURING Print Selling Expense Budget April May June Budgeted sales References Sales commissions Mc Graw Hill" ezto.mheducation.com + Disney+ | Video Player ACCT-222-350/351 - 60637/60638 - 202306 M Question 1 - Ch 20: Homework - Connect Dashboard Ch 20: Homework i Saved Help Save & Exit Submit 99 Check my work 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash receipts. 12 9. Schedule of cash payments for direct materials.. points 10. Cash budget. 11. Budgeted income statement for entire second quarter (not monthly). Skipped 12. Budgeted balance sheet at June 30. Complete this question by entering your answers in the tabs below. eBook Reg 1 Req 2 Reg 3 Reg 4 Reg 5 Reg 6 Req 7 Req 8 to 10 Req 11 Req 12 Print General and administrative expense budget. ZIGBY MANUFACTURING References General and Administrative Expense Budget April May June Total general and administrative expenses Mc Graw Hill" ezto.mheducation.com + Disney+ | Video Player ACCT-222-350/351 - 60637/60638 - 202306 M Question 1 - Ch 20: Homework - Connect Dashboard Ch 20: Homework i Saved Help Save & Exit Submit 99 Check my work B. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. 12 Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter $0 when applicable. Do not leave cells blank. points Show less A Skipped ZIBGY MANUFACTURING Schedule of Cash Receipts April May June eBook Sales $ 2,263,200 $ 2,152,800 $ 2,208,000 Cash receipts from Cash sales Print Collections of prior period sales Total cash receipt $ 0 $ o $ References Schedule of Cash Payments for Direct Materials April May June Materials purchases $ 910,800 926,900 $ 837,200 Cash payments for Current period purchases Prior period purchases Total cash payments $ o $ 0 $ Cash Budget April May June Beginning cash balance Total cash available Mc Graw Hill" ezto.mheducation.com + Disney+ | Video Player ACCT-222-350/351 - 60637/60638 - 202306 M Question 1 - Ch 20: Homework - Connect Dashboard Ch 20: Homework i Saved Help Save & Exit Submit 99 Check my work Beginning cash balance Total cash available Less: Cash payments for: 12 points Skipped eBook Print References Total cash payments 0 0 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 Mc Graw " ezto.mheducation.com + Disney+ | Video Player ACCT-222-350/351 - 60637/60638 - 202306 M Question 1 - Ch 20: Homework - Connect Dashboard Ch 20: Homework i Saved Help Save & Exit Submit 99 Check my work Complete this question by entering your answers in the tabs below. Req 1 Req 2 Reg 3 Req 4 Req 5 Req 6 Reg 7 Req 8 to 10 Req 11 Req 12 12 points Budgeted income statement for entire second quarter (not monthly). Note: Round your final answers to the nearest whole dollar. Skipped ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 eBook Print Selling, general and administrative expenses References Total operating expenses 0 $ Mc Graw Prev 1 of 1 Next > Hill" ezto.mheducation.com + Disney+ | Video Player ACCT-222-350/351 - 60637/60638 - 202306 M Question 1 - Ch 20: Homework - Connect Dashboard Ch 20: Homework i Saved Help Save & Exit Submit 99 Check my work Budgeted balance sheet at June 30. Note: Round your final answers to the nearest whole dollar. ZIGBY MANUFACTURING 12 points Budgeted Balance Sheet June 30 Skipped Assets eBook Print References Total assets Liabilities and Equity Liabilities Equity Total Liabilities and Equity Mc Graw Hill