Complete this question by entering your answers in the tabs below. Selling expense budget. Complete this question by entering your answers in the tabs below. Factory overhead budget. Note: Round variable overhead rate values to 2 decimal places. Complete this question by entering your answers in the tabs below. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter $0 when applicable. Do not leave cells blank. Problem 22-4A (Algo) Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following balance sheet for March 31. To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 86,100 units. Budgeted sales in units follow. April, 86,100; May, 81,900; June, 84,000; and July, 86,100. The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materlats inventory consists solely of direct materlals that cost $20 per pound. Company pollcy calls for a given month's ending materlals inventory to equal 50% of the next month's direct materlals requirements. The March 31 raw materlals Inventory is 20,685 pounds. The budgeted June 30 ending raw materlals inventory is 16,800 pounds. Each finished unit requires 0.50 pound of direct materlals. 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 68,880 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour. e. The predetermined varlable overhead rate is $2.70 per direct labor hour. Depreclation of $84,000 per month is the only flxed 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 $12,600. g. Monthly general and administrative expenses include $50,400 for administrative salarles 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). i. All raw materlals purchases are on credit, and accounts payable are solely tled to raw materlals purchases. Raw materlals purchases are fully pald in the next month (none are paid in the month of purchase). j. The minimum ending cash balance for all months is $168,000. 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 prellminary cash balance exceeds the minimum, the excess will be used to repay any loans. k. Dividends of $42,000 are budgeted to be declared and paid in May. i. 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 pald in the third calendar quarter. m. Equipment purchases of $420,000 are budgeted for the last day of June. Required: 1. Sales budget. 2. Production budget. 3. Direct materlals budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash recelpts. 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 . Complete this question by entering your answers in the tabs below. Sales budget. Problem 22-3A (Algo) Manufacturing: Preparation and analysis of budgeted income statements LO P3 Merline Manufacturing makes its product for $50 per unit and sells it for $146 per unit. The sales staff recelves a commission of 10% of sales. Its December income statement follows. Management expects December's results to be repeated in January, February, and March without any changes in strategy. Management, however, has an alternative plan. It belleves that if the unit selling price is reduced to $131 per unit and advertising Is increased to $255,200 per month, sales units will be 11,000 for January, 12,100 for February, and 13,310 for March. The cost of its product will remaln at $50 per unit, the sales staff will continue to earn a 10% commission, and the remaining expenses will stay the same. Required: 1. Prepare budgeted income statements for each of the months of January, February, and March that show results from implementing the proposed plan. 2. For the proposed plan, Is Income In March budgeted to be higher than Income in December? Complete this question by entering your answers in the tabs below. Prepare budgeted income statements for each of the months of January, February, and March that show results from implementing the proposed plan. Note: Enter your final answers in whole dollars. Complete this question by entering your answers in the tabs below. General and administrative expense budget. Complete this question by entering your answers in the tabs below. Budgeted balance sheet at June 30 . Note: Round your final answers to the nearest whole dollar. Complete this question by entering your answers in the tabs below. Budgeted income statement for entire second quarter (not monthly). Note: Round your final answers to the nearest whole dollar. Complete this question by entering your answers in the tabs below. Production budget. Complete this question by entering your answers in the tabs below. Direct labor budget. Note: Round per unit values to 2 decimal places