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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 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 $ 99,000 500, 250 101,000 402 ,500 1,102,750 618,000 (159,000) 459,000 $1,561,750 $ 209,700 21,000 230,700 505,000 735,700 344,000 482,050 826,050 $1,561,750 To prepare a master budget for April, May, and June of 2019, management gathers the following information. a. Sales for March total 23,000 units. Forecasted sales in units are as follows: April, 23,000; May, 19,000; June, 18,800; and July, 23,000. Sales of 249,000 units are forecasted for the entire year. The product's selling price is $29.00 per unit and its total product cost is $25.00 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 5,050 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 0.50 units of raw materials. c. Company policy calls for a given month's ending finished goods inventory to equal 70% of the next month's expected unit sales. The March 31 finished goods inventory is 16,100 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $24 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.60 per direct labor hour. Depreciation of $24,320 per month is treated as fixed factory overhead. f. Sales representatives' commissions are 10% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3,900. g. Monthly general and administrative expenses include $10,000 administrative salaries and 0.8% monthly interest on the long-term 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 of the 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 $110,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance. k. Dividends of $19,000 are to be declared and paid in May 1. 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 $139,000 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. Sales budget. (Round Budgeted unit price to 2 decimal places.) ZIGBY MANUFACTURING Sales Budget April, May, and June 2019 Budgeted Budgeted Budgeted Unit Sales Unit Price Sales Dollars April 2019 23,000 $ 29.00 $ 667,000 May 2019 19,000 29.00 551,000 June 2019 18,800 29.00 545,200 Totals for the second quarter 60,800 $ 1,763,200 Production budget. ZIGBY MANUFACTURING Production Budget April, May, and June 2019 April May 19,000 18,800 June Total 23,000 70% 70% 70% 16,100 Next month's budgeted sales (units) Ratio of inventory to future sales Budgeted ending inventory (units) Budgeted units sales for month Required units of available production Beginning inventory (units) Units to be produced 13,300 23,000 13,160 19,000 18,800 36,300 34,900 (16,100) 20,200 32,160 (13,300) 18,860 (13,160) 21,740 60,800 Direct labor budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Labor Budget April, May, and June 2019 April May 20,200 18,860 Total June 21,740 0.50 0.50 0.50 Budgeted production (units) Labor requirements per unit (hours) Total labor hours needed Direct labor rate (per hour) Budgeted direct labor cost $ $ 10,100 24 242,400 $ $ 9,430 24 226,320 $ $ 10,870 30,400 24 $ 24 260,880 $ 729,600 Factory overhead budget. (Round per unit values to 2 decimal places.) Total Labor hours needed Variable factory overhead rate Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead ZIGBY MANUFACTURING Factory Overhead Budget April, May, and June 2019 April May 10,100 9,430 $ 3.60 $ 3.60 $ $ 36,360 $ 33,948 $ 24 320 , 24,320 24,320 $ 60,680 $ 58,268 $ June 10,870 3.60 39,132 $ 24,320 63,452 $ 109,440 72,960 182,400 Selling expense budget. ZIGBY MANUFACTURING Total Budgeted sales Sales commission percent Sales commissions Sales salaries Total budgeted selling expenses Selling Expense Budget April, May, and June 2019 April May $ 667,000 $ 551,000 $ 10% 10% $ 66,700 $ 55,100 $ 3,900 3,900 $ 70,600 $ 59,000 $ June 545,200 10% 54,520 3,900 58,420 $ 176,320 11,700 188,020 $ General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April, May, and June 2019 April May June Salaries $ 10,000 $ 10,000 $ 10,000 Interest on long-term note 4,040 4,040 4,040 Total budgeted G&A expenses $ 14,040 $ 14,040 $ 14,040 $ Total 30,000 12,120 42,120 $ Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Calculation of Cash receipts from customers: April May June Total budgeted sales | $ 667,000 $ 551,000 $ 545,200 Cash sales 25% 166,750 137,750 136,300 Sales on credit 75%/ $ 500,250 $ 413,250 $ 408,900 Total cash receipts from customers April May June Current month's cash sales $ 166,750 $ 137,750 $ 136,300 Collections of receivables 500,250 413,250| 408,900 Total cash receipts $ 667,000 $ 551,000 $ 545,200 ZIGBY MANUFACTURING Cash Budget April, May, and June 2019 April May June Beginning cash balance $ 99,000 $ 171,690 $ 175,020 Cash receipts from 667,000 551,000 545,200 customers Total cash available 766,000 722,690 720,220 Cash payments for: Raw materials 209,700 195,300 203,000 Direct labor 242,400 226,320 260,880 Variable overhead 36,360 33,948 39,132 Sales commissions 66,700 55,100 54,520 Sales salaries 3,900 3,900 3,900 General & administrative 10,000 10,000 10,000 salaries Dividends 01 19,000 0 Loan interest 210 0 0 Long-term note interest 4,040 4,040 4,040 Purchases of equipment of 139,000 Taxes paid 0 0 Total cash payments 573,310 547,608 714,472 Preliminary cash balance 192,690 175,082 5,810 Additional loan (loan (21,000) 104,190 repayment) Ending cash balance $ 171,690 $ 175,082 $ 110,000 Loan balance April May Loan balance - Beginning of month $ 21,000 $ Additional loan (loan repayment) (21,000)| Loan balance - End of month $ 0 $ June 0 $ 0 104,190 0 $ 104,190 0 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 Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Liabilities Accounts payable Total current liabilities Long-term note payable Stockholders' Equity Common stock Retained earnings Total Stockholders' Equity Total Liabilities and Equity