I just need help on the one that I got wrong

The management of Zigby Manufacturing prepared the following balance sheet for March 31. Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation ZIGBY MANUFACTURING Balance Sheet March 31 Liabilities and Equity $ 53,000 Liabilities 350,980 Accounts payable 96,600 Loan payable 313,920 Long-term note payable Equity 463,000 Common stock Retained earnings $ 1,277,500 Total liabilities and equity $ 204,800 25,000 500,000 $ 729,800 $ 626,000 163,000 348,000 199,700 547,700 $ 1,277,500 Total assets To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 21,800 units. Budgeted sales in units follow: April, 21,800; May, 18,700; June, 21,000; and July, 21,800. The product's selling price is $23.00 per unit and its total product cost is $18.00 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 4,830 pounds. The budgeted June 30 ending raw materials inventory is 5,300 pounds. Each 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 17,440 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $9 per hour. e. The predetermined variable overhead rate is $4.00 per direct labor hour. Depreciation of $30,750 per month is the only fixed 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 $4,300. g. Monthly general and administrative expenses include $25,000 for administrative salaries and 0.7% 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 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). j. The minimum ending cash balance for all months is $53,000. 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 preliminary cash balance exceeds the minimum, the excess will be used to repay any loans. k. Dividends of $23,000 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 paid in the third calendar quarter. m. Equipment purchases of $100,000 are budgeted for the last day of June. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req3 Reg 4 Reg 5 Reg 6 Req 7 Req 8 to 10 Req 11 Req 12 Sales budget. ZIGBY MANUFACTURING Sales Budgets April May 21,800 $ 18,700 $ 23.00 $ 23.00 $ 501,400 $430,100 Budgeted sales units Selling price per unit Total budgeted sales June $ 21,000 $ 23.00 $ 483,000 Req 1 Req2 > Req 1 Req 2 Req 3 Reg 4 Req 5 Reg 6 Req 7 Req 8 to 10 Reg 11 Req 12 Production budget. ZIGBY MANUFACTURING Production Budget April May 21,800 18,700 June Total 21,000 18,700 21,000 21,800 80% 80% Budgeted sales units Calculation of desired ending inventory Next period budgeted sales units Ratio of inventory to future sales Add: Desired ending inventory Total required units Less: Beginning inventory units Units to produce 80% 14,960 36,760 17,440 19,320 16,800 35,500 14,960 20.540 17,440 38,440 16,800 21,640 61,500 Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 Reg 6 Req 7 Req 8 to 10 Req 11 Reg 12 Raw materials budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Materials Budget April May 19,320 20,540 June Total 21,640 0.50 0.50 0.50 9,660 10,270 10,820 5,135 Units to produce Materials requirements per unit (pounds) Materials needed for production (pounds) Add: Desired ending inventory Total materials required (pounds) Less: Beginning materials inventory Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases 5,410 15,680 5,300 16,120 14,795 4,830 9,965 20 5,135 10,545 20 210,900 5,410 10,710 20 S $ $ 31,220 $ 20 $ 624,400 S 199,300 $ $ 214,200 Reg 1 Req 2 Reg 3 Reg 4 Reg 5 Req 6 Req 7 Req 8 to 10 Req 11 Reg 12 Direct labor budget. (Round per unit values to 2 decimal places.) June Total ZIGBY MANUFACTURING Direct Labor Budget April May 19,320 20,540 0.50 0.50 9,660 10,270 Units to produce Direct labor hours required per unit Direct labor hours needed Direct labor cost per hour Cost of direct labor 21,640 0.50 10,820 30,750 9 $ S S S $ 86,940 $ 92,430 97,380 $ 276,750 Req 1 Reg 2 Reg 3 Reg 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.) June Total ZIGBY MANUFACTURING Factory Overhead Budget April May Direct labor hours needed 9,660 10,270 Variable overhead rate per direct labor hour $ 4.00 $ 4.00 Budgeted variable overhead $ 38,640 $ 41,080 Budgeted fixed overhead 30,750 30,750 Budgeted total factory overhead $ 69,390 $ 71,830 10,820 4.00 $ $ 43,280 30,750 74,030 $ 123,000 92,250 $ 215,250 $ Reg 1 Reg 2 Reg 3 Reg 4 Req 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 Selling expense budget. June Total $ Budgeted sales Sales commission percent Sales commissions Sales salaries Total selling expenses ZIGBY MANUFACTURING Selling Expense Budget April May $ 501,400 $ 430,100 8% 8% $ 40,112 $ 34,408 4,300 4,300 $ 44,412 $ 38,708 $ 483,000 8% 38,640 4,300 42,940 $ 113,160 12,900 126,060 $ $ Req 1 Reg 2 Reg 3 Reg 4 Reg 5 Reg 6 Req 7 Req 8 to 10 Req 11 Reg 12 General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April May Administrative salaries $ 25,000 $ 25,000 Interest on long-term note 3,500 3,500 Total general and administrative expenses 28,500 $ 28,500 $ $ June 25,000 3,500 28,500 Total 75,000 10,500 85,500 $ $ $ May $ 430,100 June $ 483,000 ZIBGY MANUFACTURING Schedule of Cash Receipts April Sales $ 501,400 Cash receipts from Cash sales 150,420 Collections of prior period sales 350,980 Total cash receipts $ 501,400 129,030 350.980 $ 480,010 144,900 301,070 $ 445,970 June $ 214,200 Schedule of Cash Payments for Direct Materials April May Materials purchases $ 199,300 $ 210,900 Cash payments for Current period purchases $ 0$ 0 Prior period purchases 204,800 199,300 Total cash payments 204,800 199,300 $ 0 210,900 210,900 $ CA $ May June Cash Budget April $ 53,000 501,400 554,400 $ $ 125,858 480,010 605,868 182,850 445,970 628,820 Beginning cash balance Add: Cash receipts from sales Total cash available Less: Cash payments for: Direct material Direct labor Variable overhead General and administrative salaries Sales commissions Sales salaries Loan interest Dividends Purchases of equipment Long-term note interest 204,800 86,940 38,640 25,000 40,112 4,300 250 199,300 92,430 41,080 25,000 34,408 4,300 0 23,000 210,900 97,380 43,280 25,000 38,640 4,300 0 0 0 0 0 100,000 3,500 3,500 3,500 523,000 105,820 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 403,542 150,858 (25,000) $ 125,858 423,018 182,850 0 $ 182,850 0 $ 105,820 May June Loan balance April $ 25,000 (25,000) 0 $ $ 0 $ Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month 0 0 0 | 6 $ 0 $ 0 $1,414,500 1,107,000 307,500 ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 Sales Cost of goods sold Gross profit Selling, general and administrative expenses Sales commissions expense $ 113,160 Sales salaries expense 12,900 General administrative salaries expense 75,000 Loan interest expense 250 Long-term note interest expense 10,500 Total operating expenses Income before taxes Income taxes expense Net income 211,810 95,690 (33,492) $ 62,198 $ 863,840 ZIGBY MANUFACTURING Budgeted Balance Sheet June 30 Assets Cash $ 105,820 Accounts receivable 338,100 Raw materials inventory 106,000 Finished goods inventory 313,920 Total current assets Equipment $ 726,000 Accumulated depreciation 255,250 Equipment, net Total assets Liabilities and Equity Liabilities Accounts payable $ 214,200 Bank loan payable 0 Income taxes payable 33,492 Total current liabilities Long-term note payable Equity Common stock $ 348,000 Retained earnings 238,898 470,750 $1,334,590 247,692 500,000 Total Equity Total Liabilities and Equity 586,898 $1,334,590