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The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net $ 59,000 487,500 93,010 433,000 1,072,510 638,000 (169,000) 469,000 $ 1,541,510 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 215,410 31,000 246,410 530,000 776,410 354,000 411,100 765,100 $ 1,541,510 To prepare a master budget for April, May, and June of 2019, management gathers the following information. a. Sales for March total 25,000 units. Forecasted sales in units are as follows: April, 25,000; May, 17,000; June, 22,400; and July, 25,000. Sales of 259,000 units are forecasted for the entire year. The product's selling price is $26.00 per unit and its total product cost is $21.65 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 4,650 units, which complies with the policy. The expected June 30 ending raw materials inventory is 5,900 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 20,000 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $15 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $4.60 per direct labor hour. Depreciation of $39,710 per month is treated as fixed factory overhead. f. Sales representatives' commissions are 5% of sales and are paid in the month of the sales. The sales manager's monthly salary is $4,900. g. Monthly general and administrative expenses include $34,000 administrative salaries and 0.8% 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 $98,000. 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 $29,000 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 $149,000 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 prepared for the second calendar quarter, except as otherwise noted below. (Round calculations up to the nearest whole dollar, except for the amount of cash sales, which should be rounded down to the nearest whole dollar.): 1. Sales budget. 2. Production budget. 3. Raw materials budget. 4. Direct labor budget. 5. Factory overhead budget. 6. 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 Required 10 Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Calculation of Cash receipts from customers: June April 650,000 $ May 442,000 $ $ 582,400 Total budgeted sales Cash sales Sales on credit 25% 110,500 145,600 162,500 487,500 $ 75% $ 331,500 $ 436.800 Total cash receipts from customers May June April 162,500 $ Current month's cash sales $ 110,500 $ 145,600 Collections of receivables 331,500 487,500 650,000 $ 487,500 598,000 $ Total cash receipts $ 477,100 ZIGBY MANUFACTURING Cash Budget April, May, and June 2019 April May June $ 59,000 650,000 Beginning cash balance Cash receipts from customers Total cash available Cash payments for 709,000 Raw materials 215,410 199,600 229,000 Direct labor 139,500 183,600 56,304 Variable overhead 159,900 49,036 34,000 42,780 General & administrative salaries 34,000 34,000 Sales commissions 32,500 22,100 Loan interest 29,000 Dividends Purchases of equipment Long-term note interest 149,000 4,240 4,240 4,240 Sales salaries 4,900 4,900 4,900 0 0 0 473,330 502,776 661,044 Taxes paid Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 0 Loan balance April May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month