CAN I PLEASE JUST HAVE 5-10 ANSWERED
CAN I PLEASE JUST HAVE 5-10 ANSWERED
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: 53 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 48,000 438, 750 87,900 383,760 958, 410 616,000 (158,000) 458,000 $1,416,410 $ 187,200 20,000 207,200 508,000 715,200 343,000 358, 210 701,210 $1,416,410 To prepare a master budget for April, May, and June of 2017, management gathers the following information: a. Sales for March total 19,500 units. Forecasted sales in units are as follows: April, 19,500; May, 17,100; June, 21,300; and July, 19,500 Sales of 248,000 units are forecasted for the entire year. The product's selling price is $30.00 per unit and its total product cost is $24.60 per unit. b. Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements. The March 31 raw materials inventory is 4,395 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,800 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials. To prepare a master budget for April, May, and June of 2017, management gathers the following information: a. Sales for March total 19,500 units. Forecasted sales in units are as follows: April, 19,500; May, 17,100; June, 21,300; and July, 19,500. Sales of 248,000 units are forecasted for the entire year. The product's selling price is $30.00 per unit and its total product cost is $24.60 per unit. b. Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements. The March 31 raw materials inventory is 4,395 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,800 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials. c. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's expected unit sales. The March 31 finished goods inventory is 15,600 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $23 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.40 per direct labor hour. Depreciation of $27,020 per month is treated as fixed factory overhead. f. Sales representatives' commissions are 7% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3,800. g. Monthly general and administrative expenses include $20,000 administrative salaries and 0.5% monthly interest on the long-term note payable. h. The company expects 25% of sales to be for cash and the remaining 75% on credit. Receivables are collected in full in the month following the sale (none are collected in the month of the sale). i. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases are fully paid in the next month. j. The minimum ending cash balance for all months is $48,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance. k. Dividends of $18,000 are to be declared and paid in May. 1. No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter. m. Equipment purchases of $138,000 are budgeted for the last day of June. Required: Prepare the following budgets and other financial information as required. All budgets and other financial information should be prenared for the second calendar quarter excent as otherwise noted below (Round calculations un to the nearest whole dollar Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 R. Production budget. May June 19,500 ZIGBY MANUFACTURING Production Budget April, May, and June 2017 April Next month's budgeted sales (units) 17,100 21,300 Ratio of inventory to future sales 80% 80% Budgeted units sales for month 13,680 Budgeted units sales for month 19,500 17,100 Required units of available production 33,180 Beginning inventory (units) 52,680 51,240 Units to be produced 80% 21,300 58,200 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required Factory overhead budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Factory Overhead Budget April, May, and June 2017 April May June Total Labor hours needed Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead 23) Saved 1. Direct labor budget. 5. Factory overhead budget. 5. Selling expense budget. 7. General and administrative expense budget. 8. Cash budget. 9. Budgeted income statement for the entire second quarter (not for each month separately). 10. Budgeted balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Requ General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budgets April, May, and June 2017 April June May Total budgeted G&A expenses Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Requir Budgeted income statement for the entire second quarter (not for each month separately). (Round your final answers t nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2017 Operating expenses Total operating expenses 0 0 $ 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 ER Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING 59 Budgeted Balance Sheet June 30, 2017 Assets Total current assets $ 0 Equipment, net 0 Total assets Liabilities and Equity Liabilities Total current liabilities Pro
