Check ZIGBY MANUFACTURINO Estimated Balance Sheet March 31, 2019 Assets 5 30,000 464,100 98.505 452,840 1,043,445 620,00 (160,000 460,000 $ 1,5e3, 445 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 $ 206,405 22.000 228,405 $10,00 738,405 345, eee 420,040 765.04 51,503, 445 To prepare a master budget for April, May, and June of 2019, management gathers the following information a. Sales for March total 22,100 units Forecasted sales in units are as follows April22100. May. 19,100, June 19,500 and July 22.100 Sales of 250,000 units are forecasted for the entire year. The product's selling price is $30.00 per unit and its total product cost is $25.50 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 4,925 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 o 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 17,680 units, which complies with the policy d. Each finished unit requires 0.50 hours of direct labor at a rate of $25 per hour e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.50 per direct labor hour Depreciation of $25.290 per month is treated as fixed factory overhead 1. Sales representatives commissions are 6% of sales and are paid in the month of the sales. The sales manager's monthly salary is $4,000 Month neneralandlariminative avances in non alministrative salaries and monthly interact in the lantar