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The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash 5 48,000 Accounts receivable 438,750 Raw materials inventory 87,900 Finished goods inventory 383,760 Total current assets 958,410 Equipment 616,000 Accumulated depreciation (158,000) Equipment, net 458,000 Total assets $114161410 Liabilities and Equity Accounts payable $ 187,200 Short-term notes payable 20,000 Total current liabilities 207,200 Longterm note payable 508,000 Total liabilities 715,200 Common stock 343,000 Retained earnings 358,210 Total stockholders' equity 701,210 Total liabilities and equity $1,416,410 To prepare a master budget for April, May, and June of 2019, management gathers the following information. a. Sales for March total 19,500 units. Forecasted sales in units are as follows: April, 19,500; May, 17,100; June, 21,300; and July, 19,500. Sales of 248,000 units are forecasted for the entire year. The product's selling price is $30.00 per unit and its total product cost is $24.60 per unit. a. Sales for March total 19,500 units. Forecasted sales in units are as follows: April. 19,500; May. 17,100; June, 21,300; and July,19.500. Sales of 248,000 units are forecasted for the entire year. The product's selling price is $30.00 per unit and its total product cost is $24.60 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 4,395 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,800 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials. c. Company policy calls for a given month's ending finished goods inventory to equal 80% ofthe next month's expected unit sales. The March 31 finished goods inventory is 15,600 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $23 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.40 per direct labor hour. Depreciation of $27,020 per month is treated as xed factory overhead. f. Sales representatives' commissions are 7% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3,800. 9. Monthly general and administrative expenses include $20,000 administrative salaries and 0.5% monthly interest on the longterm note payable. 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 ofthe sale). i. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases are fully paid in the next month. j. The minimum ending cash balance for all months is $48,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Shortterm notes require an interest payment of 1% at each monthend (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the shortterm notes payable balance. k. Dividends of $18,000 are to be declared and paid in May. . 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 $138,000 are budgeted for the last day ofJune. Required: Prepare the following budgets and other financial information as required. All budgets and other nancial 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 Sales budget. (Round Budgeted unit price to 2 decimal places.) April 2019 May 2019 June 2019 Totals for the second quarter \fProduction budget (units) Materials to be purchased - _ -_ Materials needed for production Budgeted production (units) Total labor hours needed Budgeted direct labor cost :Factory overhead budget. (Round per unit values to 2 decimal places. ) ZIGBY MANUFACTURING Factory Overhead Budget April, May, and June 2019 April May June Total Labor hours needed Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead\fGeneral and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April, May, and June 2019 April May June Total budgeted G&A expensesApril Total budgeted sales Cash sales 25% Sales on credit 75% Total cash receipts from customers\f:Budgeted income statement for the entire second quarter (not for each month separately). (Round your final answers to the :nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2019 Operating expenses Total operating expenses\fTotal current assets Equipment. net Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Liabilities and Equity _