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) are fully paid in the next month note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the i. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases j. The minimum ending cash balance for all months is $99,000. If necessary, the company borrows enough cash using a short-term ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance k. Dividends of $30,000 are to be declared and paid in May l. 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 $150,000 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 Direct labor budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Labor Budget April, May, and June 2019 June Total pri Prey1 of 1 Next The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. EIGBY MANUFACTURING Eatimated Balance Sheet March 31, 2019 AssctS 30 Cash Accounte receivable Raw materials inventory Pinished gonds inventory Total current aasets Equipment Accunulated depreciation Equipment net S 80, 000 487,500 93,390 439 000 1,098, 890 640, DO0 points Book (130,D001 470, D00 $1,569, 890 utdl assets Liabilities and Equity Pint Accounts payable Short-tern notea payable Tatal urrent liabilities Lung-tem ute paya Total liabilities c mmon stock Retained earnings Total stockholders' equity Total liabilities and equity S 215, 690 32,000 247 690 520,000 ReferenCes 67,690 355, 000 416,200 901 200 $1,568, B90 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. 17100: June. 22.300: and July. 25,000. Sales of 260,000 units are forecasted for the entire year. The product's selling price is $26.00 per unit and its total product cost is $21.90 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 4,670 units, which complies with the policy. The expected June 30 ending raw materials inventory is 6,000 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials. Company policy calls for a given month's ending inished goods inventory to equal 80% of the next month's expected unit sales. The March 31 finished goods inventory is 20,000 units, which complles with the policy d. Each finished unit requires 0.50 hours of direct labor at a rate of S16 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $4.00 per direct labor hour f. Sales representatives' commissions are 10% of sales and are paid in the month of the sales. The sales manager's monthly salary is g. Monthly general and administrative expenses include $21,000 administrative salaries and 0.9% monthly interest on the long-term 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 Depreciation of $40,790 per month is treated as fixed factory overhead. $5,000. note payable. 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 Direct labor budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Labor Budget April, May, and June 2019 Total May April June Budgeted production (units) Total labor hours needed Budgeted direct labor cost