- Add: Beginning inventory units
- Add: Desired ending inventory
- Less: Beginning inventory units
- Less: Desired inventory units
- Budgeted units sales for month
- Materials required per unit (pounds)Direct labor cost per hour
- Direct labor hours required per unit
- Material price per unit Sales commission percent
- Sales salaries
- Total selling expenses
- Administrative salaries
- Depreciation expense
- Equipment purchases
- Interest on long-term note
- Land purchase
- Additional loan (loan repayment)
- Cash receipts from customers
- Direct labor
- Direct material
- Dividends
- General and administrative salaries
- Loan interest
- Long-term note interest
- Maintenance expense
- Merchandise
- Purchase of land
- Purchases of equipment
- Rent
- Sales commissions
- Sales salaries
- Shipping
- Taxes paid
- Variable overheadAccounts payable
- Accounts receivable
- Accumulated depreciation
- Advertising expense
- Cash
- Common stock
- Cost of goods sold
- Depreciation expense
- Equipment
- Finished goods inventory
- General administrative salaries expense
- Income taxes expense
- Income taxes payable
- Loan interest expense
- Loan payable
- Long-term note interest expense
- Raw materials inventory
- Retained earnings
- Salaries payable
- Sales
- Sales commissions expense
- Sales salaries expense
- i will leave a like thanks!
The management of Zigby Manufacturing prepared the following balance sheet for March 31 . Production budget. Factory overhead budget. Note: Round variable overhead rate values to 2 decimal places. \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{5}{|c|}{ ZIGBY MANUFACTURING } \\ \hline \multicolumn{2}{|c|}{ Selling Expense Budget } \\ \hline & April May & June & \\ \hline Budgeted sales & & & & \\ \hline & & & & \\ \hline Sales commissions & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular} Direct materials budget. Note: Round per unit values to 2 decimal places. General and administrative expense budget. Total cash available 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter $0 when applicable. Do not leave cells blank. 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 . Complete this question by entering your answers in the tabs below. Sales budget. Budgeted income statement for entire second quarter (not monthly). Note: Round your final answers to the nearest whole dollar. Budgeted balance sheet at June 30 . Note: Round your final answers to the nearest whole dollar. a. Sales for March total 24,600 units. Budgeted sales in units follow: April, 24,600; May, 23,400; June, 24,000; and July, 24,600 . 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 5,910 pounds. The budgeted June 30 ending raw materials inventory is 4,800 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 19,680 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 $24,000 per month is the only fixed factory overhead item. f. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is $3,600. g. Monthly general and administrative expenses include $14,400 for administrative salaries and 0.9% monthly interest on the longterm 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 month following the sale (no credit sales are collected in the month of sale). i. 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 $48,000. If necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of 1% at 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 $12,000 are budgeted to be declared and paid in May. I. 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 $120,000 are budgeted for the last day of June
