help. pretty lengthy question I need a lot of help please ensure that the answer is not cut off. Thank you
Wy work The management of Zigby Manufacturing prepared the following balance sheet for March 31 Mas Cua Accounts receivable RW materials inventory Finished goods inventory quent Lasst Accumulated depreciation Total assets ITONY MANUFACTURING Balance sheet March 31 Liabilities and Equity $ 50,000 abilities 386,400 Accounts payable 84,200 Loan payable 368,000 Long-term note payable Equity 451,000 Conton stock Retained earnings 3 1.239.600 Total liabilities and equity $ 196,600 12.000 500,000 $ 602,000 151,000 $ 708,600 ces 336,000 295,000 31.139,000 To prepare a master budget for April, May, and June, management gathers the following information a Sales for March total 23.000 units. Budgeted sales in units follow: April, 23,000; May, 15,300; June, 20,400; and July, 23,000. The product's selling price is $2400 per unit and its total product cost is $20.00 per unit. b. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given month's ending materials inventory to equal 50% of the next month's direct materials requirements. The March 31 raw materials inventory is 4,210 pounds. The budgeted June 30 ending raw materials inventory is 4.100 pounds Ench finished unit requires 0.50 pound of direct materials 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 18,400 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour. e. The predetermined variable overhead rate is $2.80 per direct labor hout. Depreciation of $21.523 per month is the only fixed factory overhead item. L Sales commissions of 10% of sales are paid in the month of the sales. The sales manager's monthly salary is 53,100 9. Monthly general and administrative expenses include $13,000 for administrative salaries and 0.5% monthly interest on the long- term note payable n. 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). 1. All raw materials purchases are on credit and accounts payable are solely tied to raw materials purchases. Raw materials purchases are fully paid in the next month (none are paid in the month of purchase The minimum ending cash balance for all months is $50,000 if necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of at each month-end (before any repayment. If the month-end preliminary cash balance exceeds the minimum, the excess will be used to repay any loans Dividends of $11.000 are budgeted to be declared and paid in May. L 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 paid in the third calendar Quarter m. Equipment purchases of $100.000 are budgeted for the last day of June Required: Required: Prepare the following budgets for the months of April, May, and June: 1. Sales budget 2. Production budget 3. Direct materials budget. 4. Direct labor budget 5. Factory overhead budget 6. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash receipts. 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. Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 Reg 6 Req 7 Reg 8 to 10 Reg 11 Reg 12 Sales budget. ZIGBY MANUFACTURING Solos Budgets April May June Budgeted sale units Selling price per unit Total budgeted sales Reg 2 > Reg 1 Req 2 Req3 Reg 4 Reg 5 Reg 6 Reg 7 Reg 8 to 10 Req 11 Req 12 Production budget. Juno Total ZIGBY MANUFACTURING Production Budget April May Budgeted sales units Calculation of desired ending Inventory Next period budgeted sales units 15,300 20,400 Ratio of inventory to future sales 80% 80% 23,000 80% Total required unit Units to produce Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 Reg 8 to 10 Req 11 Req 12 Raw materials budget. (Round per unit values to 2 decimal places) ZIGGY MANUFACTURING Direct Material Budget April May June Units to produce Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases ZIGBY MANUFACTURING Direct Labor Budget April May June Total Units to produce Direct labor hours needed Cost of direct labor Reg 3 Reg 5 > Req 1 Reg 2 Reg 3 Req 4 Reg 5 Req 6 Req 7 Req 8 to 10 Reg 11 Req 12 Factory overhead budget. (Round variable overhead rate values to 2 decimal places.) Uund Total ZIGBY MANUFACTURING Factory Overhead Budget April May Direct labor hours needed Variable overhead rate per direct labor hour Budgeted variable overhead Budgeted fixed overhead Budgeted total factory overhead Reg 1 Reg 2 Reg 3 Req4 Req 5 Req6 Req7 Reg 8 to 10 Reg 11 Reg 12 Selling expense budget. ZIGBY MANUFACTURING Selling Expense Budget April May June Budgeted sales Sales commissions Req1 Reg 2 Req3 Req4 Reg 5 Reg 6 Req7 Req 8 to 10 Req 11 Req 12 General and administrative expense budget. ZIGBY MANUFACTURINO General and Administrative Expense Budget April May June Total general and administrative expenses ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 Selling, general and administrative expenses Total operating expenses ZIGEY MANUFACTURING Budgeted Balance Sheet June 30 Assets Total current assets Equipment, net Total assets Liabilities and Equity Liabilities Bank loan payable 0 Total current liabilities Equity Total Equity Total Liabilities and Equity
