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20 TOTURING 11 Chan 1.1 L Autoevalle 395.000 te vete 10.100 table Foder 10.01 Lotte 60.00 TY Les Acted depreslation 450.000 Total To prepare a master budget for April, Moy, and June, management others the following information 27. 31.1 110,00 15,70 a Sales for March total 22.800 units Budgeted sales in units follow Apr 22.000 May. 16.000 June 23.000 and 22800. The product's selling prices $25.00 per unit and its total product cost is $19.30 per un b. Raw materials inventory consists solely of direct materials that com $20 per pound Company policy is for a given mo's ending materials inventory to equal os of the next month red materials recurements. The March materway 410 pounds The budgeted June 30 ending materials inventory is 5.500 pounds Each shed unto 50 pound of cred materials c. Company policy cols for a gven month's ending finished goods inventory to equal of the next month's budgeted to The March 31 finished goods inventory is 15.060 unts. d. Each finished untregues 0.50 hour of arest laboratorate of St per how e. The predetermined variable overhead rate is $420 per director hour. Depreciation of $35.020 per month the only factory overhead Item Sales commissions of 10% of sales are paid in the month of the sales Thessenger $4500 Monthly general and administrative expenses include $27000 for admins and 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 we collected install in the month following the sale no credit sales we collected in the month of sale I. Allwrial purchases are on credit and accounts payable are solely tied to owners purchases Raw materials purchases are fully paid in the next month one we paid in the month of purchase J. The minimum ending cash balance for all months is $65.000. necessary, the company botons enough cash loan to reach ME Graw Check my work 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) 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). J. The minimum ending cash balance for all months is $65,000. If necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of 1% at each month and 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 $25.000 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. Required: Prepare the following budgets for the months of Agil, 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. Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 ts Reg 6 Req Req8 to 10 Reg 11 Reg 12 Direct materials budget. (Round per unit values to 2 decimal places.) Book Herences ZIGBY MANUFACTURING Direct Materials Budget April May June Units to produce Materials required per unit (pounds) Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases here Check 3 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly 12. Budgeted balance sheet at June 30. 20 points Complete this question by entering your answers in the tabs below. Req1 Req6 Reg? Reto 10 tee 11 12 References Reg 2 Reg Req Reqs Direct labor budget. (Round per unit values to 2 decimal places) ZIGBY MANUFACTURONG Direct Labor Budget April May June Total Units to produce 0 Direct labor hours needed Cost of direct labor 3 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly 12. Budgeted balance sheet at June 30. 20 points Complete this question by entering your answers in the tabs below. Req 1 Reg 2 cBook Reg 3 Reg 4 Reqs Req6 Reg He to 10 Reg 11 12 References Factory overhead budget. (Round variable overhead rate values to 2 decimal places ZIGBY MANUFACTURING Factory Overhead fudget April May June Total Direct labor hours needed Variable overhead rate per direct labor hour Budgeted variable overhead Budgeted forced overhead Budgeted total factory overhead Reg6 > ME Graw Check my work 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) 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). J. The minimum ending cash balance for all months is $65,000. If necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of 1% at each month and 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 $25.000 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. Required: Prepare the following budgets for the months of Agil, 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. Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 ts Reg 6 Req Req8 to 10 Reg 11 Reg 12 Direct materials budget. (Round per unit values to 2 decimal places.) Book Herences ZIGBY MANUFACTURING Direct Materials Budget April May June Units to produce Materials required per unit (pounds) Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases here Check 3 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly 12. Budgeted balance sheet at June 30. 20 points Complete this question by entering your answers in the tabs below. Req1 Req6 Reg? Reto 10 tee 11 12 References Reg 2 Reg Req Reqs Direct labor budget. (Round per unit values to 2 decimal places) ZIGBY MANUFACTURONG Direct Labor Budget April May June Total Units to produce 0 Direct labor hours needed Cost of direct labor 3 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly 12. Budgeted balance sheet at June 30. 20 points Complete this question by entering your answers in the tabs below. Req 1 Reg 2 cBook Reg 3 Reg 4 Reqs Req6 Reg He to 10 Reg 11 12 References Factory overhead budget. (Round variable overhead rate values to 2 decimal places ZIGBY MANUFACTURING Factory Overhead fudget April May June Total Direct labor hours needed Variable overhead rate per direct labor hour Budgeted variable overhead Budgeted forced overhead Budgeted total factory overhead Reg6 >