Check my work Problem 20-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. Cash ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment 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 $ 80,000 364,000 96,000 364,800 904,800 610,000 (155,000) 455,000 $1,359,800 $ 195,500 17,000 212,500 510,000 722,500 340,000 297,300 637,300 $1,359,800 To prepare a master budget for April, May, and June of 2019, management gathers the following information. 1. Sales for March total 20,000 units. Forecasted sales in units are as follows: April, 20,000; May, 19,000; June, 19,500; and July, 20,000. Sales of 245,000 units are forecasted for the entire year. The product's selling price is $26.00 per unit and its total product cost is $22.80 per unit. . 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 4,800 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,500 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials.