a. Sales for March total 23,000 units. Budgeted sales in units follow: April, 23,000: May, 19,000; June, 18,800; and July, 23,000. The product's selling price is $29.00 per unit and its total product cost is $25.00 per unit. b. Raw materiais inventory consists solely of direct materials that cost $20 per pound. Company policy calis for a given month's ending materials inventory to equal 50% of the next month's ditect materials requirements. The March 31 raw materials imventory is 5.050 pounds. The budgeted June 30 ending raw materials inventory is 4,500 pounds. Each finished unit requires 0.50 pound of direct materiais. c. Company pollcy calls for a given month's ending finished goods inventory to equal 70% of the rext month's buigeted unit sales. The March 31 finished goods inventory is 16.100 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $24 per hour: e. The predetermined variable overnead rate is $3.60 per direct labor hour. Depreciation of $24.320 per month is the only fixed factory overhead item. 1. Sales commissions of 10 s of saies are poid in the month of the sales. The sales managers monthly salary is $3,900. 9. Monthly general and administrative expenses include $10.000 for administrative saiafies and 0.85 monthily interest on the iangterm note payable. h. The company budgets 305 of sales to be for cash and the remaining 70% on credit Credit saies are collected in full in the month following the sale (no credit sales are collected in the month of sale). 1. Ali raw materials purchases are on credit, ond accounts poyable are solely tied to raw materials purchases. Raw materials purchases are fully poid in the next month (none are pald in the month of purchase). 1. The minimum ending cosh balance for all months is $99,000. If necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of tho at each month-end (before any repayment). If the month-end preliminacy. caeh baiance exceeds the minimum, the excess will be used to repay any loons. h. DVidends of $19,000 are budgeted to be deciared and paid in May. 1. No cosh payments for income taxes are budgeted in the second calendar cuarter. income tox will be assessed at 35% in the quarter - and budgeted to be pald in the third calendor quarter. m. Equipment purchases of 5100,000 are budgeted for the last doy of June. Requlred: 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. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30 . Conplete this question by entering your answers in the tabs below. Sales budget. Complete this question by entering your answers in the tabs below. Production budget. Complete this question by entering your answers in the tabs below. Direct materials budget, (Round per unit values to 2 decimal places.) Dinect labor budget. (Round per unit values to 2 decimal places.) actory overhead budget. (found variable overhead rate values to 2 decimal places. Camplete this question by entering your answers in the tabs below. Selling expense budget. Complete this question by entering your answers in the tabs below. Selling expense budget. Complete this question by entering your answers in the tabs below. General and administrative expense budget. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) \begin{tabular}{|l|l|l|l|l|} \hline & & & & \end{tabular} Budgeted income statement for entire second quarter (not monthly). (Round your final answers to the neare Budgeted balance sheet at June 30 . (Round your final answers to the nearest whole dollan