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correct for the work you have completed so far. It does not indicate complet Return to Problem 07-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019 ZIGDY PUNUFACTURING Estimated Balance Sheet March 31, 2010 Assets $ 54,000 354,375 100,495 333,000 541,870 628.000 $ 1,305,870 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 abilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 212,105 26,000 23.105 514.900 752.195 349.000 204 675 $1,105,670 To prepare a master budget for April, May, and June of 2019, management gathers the following information a Sales for March total 22.500 units. Forecasted sales in units are as follows April 22.500 May. 19.500, June 21,700and July 22,500 Sales of 254.000 units are forecasted for the entire year. The products selling price is $2250 per unit and its total product cost is $18.50 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 5 025 units, which complies with the policy. The expected June 30 ending raw materials inventory is 5,400 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% of the next month's expected unit sales The March 31 finished goods inventory is 18,000 units, which complies with the policy d. Each finished unit requires 0.50 hours of direct laborat a rate of $10 per hour e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is 5410 per direct labor hour Depreciation of $30,790 per month is treated as foed factory overhead Sales representatives commissions are 6% of sales and are paid in the month of the sales. The sales manager's monthly salary is $4,400 g. Monthly general and administrative expenses include $25,000 administrative salaries and 5% montils interest on the long-term note payable h. The company expects 30% of sales to be for cash and the remaining 70% on credit Receivables are collected in full in the month following the sale (none are collected in the month of the sale) All raw materiais 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 $4.000 ut necessary, the company borrows enough cash using a short-term note to reach the minimum. Shortterm notes require an interest payment of 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 $24.000 are to be declared and paid in May No cash payments for income taxes are to be made during the second Calendar quartet Income tax w be assessed at 40% in the quarter and paid in the third calendar quarter m. Equipment purchases of 5144,000 are budgeted for the last day of June. 1 of 1 !!! Ned Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required S Required 6 Required ? Required S Required 9 Required 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 Cash sales Sales on credit 30% 70% Total cash receipts from customers April May June Current month's cash sales Collections of receivables Total cash receipts ZIGBY MANUFACTURING Cash Budget April, Mny, and June 2019 April 54,000 506 250 560 250 0 Beginning cash balance Cash receipts from customers Total cash available Cash payments for Variable overhead Direct labor May shume 116,7455162,767 486.000 453.600 502,745 616,367 212,195 100 500 41205 206.800 106 300 43.583 218,000 111.700 45.797 28.5703 28.5703 28 570 X 24.000 Dividends Purchase of equipment Blo 412,245 143.0053 54000 439 978 162.767 54000 144000 581.762 34 605 54 000 Total cash payment Preliminary cash balance 1 065 998 1,218,434 Ending cash balance Loan tance April MAY Pouy equired: repare the following budgets and other financial information as required. All budgets and other financial information she repared for the second calendar quarter, except as otherwise noted below (Round calculations up to the nearest who xcept for the amount of cash sales, which should be rounded down to the nearest whole dollar.) Sales budget Production budget 3. Raw materials budget Direct labor budget 5. Factory overhead budget 5. Selling expense budget 7. General and administrative expense budget 3. Cash budget 9. Budgeted income statement for the entire second quarter (not for each month separately). 10. Budgeted balance sheet Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required Required 8 Required Required 10 Budgeted income statement for the entire second quarter (not for each month separately)(Round your final answers to the nearest whole dollar) ZIGHY MANUFACTURING Budgeted Income Statement For Three Months Ended June 10, 2015 Operating expenses 0 Total operating expenses 0 Prov 1 of 1 i Nood Required: Prepare the following budgets and other financial information as required. All budgets and other financial information she prepared for the second calendar quarter except as otherwise noted below. (Round calculations up to the nearest whol 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required: Required 2 required 3 Required 4 Required s Required 6 Required 7 Required Required Required 10 Budgeted balance sheet. (Round your final answer to the nearest whole doltar.) ZBY MANUFACTURING Budgeted Balance Sheet June 10, 2019 Assets Total current assets D 0 Equipment net Total assets Llabilities and Equity Liabilities Total current labies Stockholders' Equity PA 1 of 1 Ned Budgeted balance sheet. (Round your final answers to the nearest whole dollar) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2019 Assets Total current assets $ Equipment, net 0 Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity