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The management of Zigby Manufacturing prepared the following balance sheet for March 31. Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation ZIGBY MANUFACTURING Balance Sheet March 31 Liabilities and Equity $ 40,000 Liabilities 344,400 Accounts payable 98,500 Loan payable 325, 540 Long-term note payable Equity 450,000 Common stock Retained earnings $ 1,258, 440 Total liabilities and equity $ 201,000 12,000 500,000 $ 713,000 $ 600,000 150,000 335,000 210, 440 545,440 $ 1,258, 440 Total assets To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 20,500 units. Budgeted sales in units follow: April, 20,500; May, 19,500; June, 20,000; and July, 20,500. 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 4,925 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 4,925 pounds. The budgeted June 30 ending raw materials inventory is 4,000 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 16,400 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 $20,000 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 $3,000. g. Monthly general and administrative expenses include $12,000 for administrative salaries and 0.9% monthly interest on the long- term 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 $40,000. 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 $10,000 are budgeted to be declared and paid in May. 1. No cash payments for income taxes are budgeted in the second calendar quarter Income tax will be assessed at 35% in the quarter m. Equipment purchases of $100,000 are budgeted for the last day of June. Required: 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 Req 5 Reg 6 Reg 7 Reg 8 to 10 Req 11 Sales budget. ZIGBY MANUFACTURING Sales Budgets April 20,500 June May $ 19,500 20,000 $ Budgeted sales units Selling price per unit Total budgeted sales 24.00 $ 24.00 $ 24.00 $ 492,000 $468,000 $ 480,000 Reg 1 Reg 2. Req 3 Req 4 Req 5 Reg 6 Reg 7 Reg 8 to 10 Reg 11 Production budget. ZIGBY MANUFACTURING Production Budget April May 20,500 19,500 June Total 20,000 19,500 20,500 20,000 80% 80% 80% Budgeted sales units Calculation of desired ending inventory Next period budgeted sales units Ratio of inventory to future sales Add: Desired ending inventory Total required units Less: Beginning inventory units Units to produce 16,000 35,500 15,600 36,100 16,400 19,700 16,400 36,400 16,000 20,400 15,600 19,900 60,000 Reg 1 Req 2 Reg 3 Req 4 Req 5 Reg 6 Reg 7 Reg 8 to 10 Reg 11 Raw materials budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Materials Budget April May June Total Units to produce 19,700 19,900 20,400 0.50 0.50 0.50 Materials requirements per unit (pounds) Materials needed for production (pounds) 9,850 9,950 10,200 Add: Desired ending inventory 4,975 5,100 4,000 14,825 15,050 14,200 4,975 5,100 Total materials required (pounds) Less: Beginning materials inventory Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases 4,925 9,900 10,075 9,100 29,075 20 $ 20 20 20 $ 198,000 201,500 182,000 $ 581,500 Req 1 Req 2 Req 3 Reg 4 Req 5 Reg 6 Reg 7 Reg 8 to 10 Req 11 Direct labor budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Labor Budget May June Total April 19,700 19,900 20,400 Units to produce Direct labor hours required per unit 0.50 0.50 0.50 9,850 10,200 9,950 Direct labor hours needed 30,000 15 15 $ 15 15 Direct labor cost per hour Cost of direct labor $ 147,750 $ 149,250 153,000 $ 450,000 Req 1 Reg 2 Req 3 Req 4 Req 5 Reg 6 Reg 7 Reg 8 to 10 Factory overhead budget. (Round variable overhead rate values to 2 decimal places.) ZIGBY MANUFACTURING Factory Overhead Budget April May 9,850 9,950 June Total 10,200 $ 2.70 $ 2.70 $ 2.70 Direct labor hours needed Variable overhead rate per direct labor hour Budgeted variable overhead Budgeted fixed overhead Budgeted total factory overhead $ 26,595 $ 26,865 $ 27,540 $ 81,000 20,000 60,000 20,000 46,595 20,000 47,540 $ $ 46,865 $ $ 141,000 Req 1 Req 2 Req 3 Req 4 Reg 5 Reg 6 DE Req 7 Req Selling expense budget. ZIGBY MANUFACTURING Selling Expense Budget June Total April 492,000 May 468,000 $ $ 480,000 8% 8% 8% Budgeted sales Sales commission percent Sales commissions Sales salaries $ $ $ $ 115,200 39,360 3,000 42,360 37,440 3,000 40,440 38,400 3,000 41,400 9,000 124,200 Total selling expenses $ $ $ $ Reg 1 Req 2 Req 3 Req 4 Reg 5 Reg 6 Reg 7 Reg 8 General and administrative expense budget. ZIGBY MANUFACTURING June Total General and Administrative Expense Budget April May Administrative salaries $ 12,000 $ 12,000 $ Interest on long-term note 4,500 4,500 Total general and administrative 16,500 $ 16,500 $ expenses 12,000 $ 36,000 4,500 13,500 CA 16,500 $ 49,500 Req 1 Reg 2 Reg 3 Reg 4 Reg 5 Req 6 Reg 7 Reg 8 to 10 Reg 11 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.) ZIBGY MANUFACTURING Schedule of Cash Receipts April $ 492,000 June May 468,000 Sales $ $ 480,000 Cash receipts from Cash sales 140,400 144,000 Collections of prior period sales Total cash receipts 147,600 344,400 492,000 $ 140,400 $ 144,000 May June $ 182,000 Schedule of Cash Payments for Direct Materials April Materials purchases $ 198,000 $ 201,500 Cash payments for Current period purchases Prior period purchases 201,000 198,000 Total cash payments $ 201,000 $ 198,000 201,500 201,500 $ CA Cash Budget April May June $ 40,000 $ 85,675 $ 129,420 Beginning cash balance Add: Cash receipts from sales 492,000 484,800 471,600 Total cash available 532,000 570,475 601,020 Less: Cash payments for: Direct material Direct labor 201,000 147,750 26,595 39,360 198,000 149,250 26,865 37,440 Variable overhead 201,500 153,000 27,540 38,400 3,000 12,000 Sales commissions Sales salaries 3,000 12,000 General and administrative salaries 3,000 12,000 10,000 Dividends 0 0 120 0 Loan interest Long-term note interest Purchases of equipment 4,500 4,500 4,500 100,000 0 Loan Interest 120 Long-term note interest