Assistance needed for Requirements 8 - 12. I am unable to figure it out, assistance appreciated.

ZIGBY MANUFACTURING Balance Sheet March 31 Assets Liabilities and Equity Cash $ 40,00 Liabilities Accounts receivable 344,480 Accounts payable Raw materials inventory 98,500 Loan payable Finished goods inventory 325, 540 Long-term note payable Equipment $ 600,000 Equity Less: Accumulated depreciation 150,000 450,000 Common stock Retained earnings Total assets $ 1,258,440 Total liabilities and equity To prepare a master budget for April, May, and June, management gathers the following information. $ 201,00 12,800 580, eee $ 713, eee 335, eee 210,440 545,440 $ 1,258,440 .. 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 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). 1. 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 and budgeted to be paid in the third calendar 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. 3. 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. May 468,000 June 480.000 s ZIBGY MANUFACTURING Schedule of Cash Receipts April Sales IS 492.000 S Cash receipts from Cash sales 40.000 Collections of prior period sales 488.925 X Total cash receipts IS 528.925 IS 83.346 x 481.770 X 565, 116 S 124.295 468.653 X 592.948 June 182.000 S Schedule of Cash Payments for Direct Materials April May Materials purchases IS 198.000 S 201,500 Cash payments for Current period purchases Prior period purchases Total cash payments Is 0 S 0 0 Cash Budget April May June Beginning cash balance Total cash available Less: Cash payments for 0 0 0 Total cash payments Preliminary cash balance Ending cash balance Loan balance May June April 222. 167 X s Loan balance - Beginning of month Additional loan (loan repayment) 500.000 Loan balance - End of month 0 Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 Reg 8 to 10 Reg 11 Reg 12 Budgeted income statement for entire second quarter (not monthly). (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 OO $1,431,000 1,191,000 240,000 Sales Cost of goods sold Gross profit Selling, general and administrative expenses Sales commissions expense Sales salaries expense General administrative salaries expense Long-term note interest expense Loan interest expense S 114,480 9,000 00000 OX 36,000 13,500 120 Total operating expenses Income before taxes Income taxes payable Net income 3X3 173, 100 68.900 23,415 43,485 x IS Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 Reg 8 to 10 Reg 11 Reg 12 Budgeted balance sheet at June 30. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30 Assets Cash Accounts receivable 0 Raw materials inventory Finished goods inventory Total current assets Equipment 40.000 333.900 X 80.000 325,540 s 779,440 730,000 210,000 IS Accumulated depreciation > Equipment, net 520.000 Total assets $1.299,440 Liabilities and Equity Liabilities > IS 182,000 0 23.415 x Accounts payable Bank loan payable Income taxes payable Total current liabilities Common stock Equity Common stock X 205.415 335.000 IS 335,000 242.273 Retained earnings 577,273 Total Equity Total Liabilities and Equity $ 1,117.688