I only need required parts 8-12, thank you!

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 $ 56,000 Liabilities 382,200 Accounts payable 84,200 Loan payable 337,680 Long-term note payable Equity 466,000 Common stock Retained earnings $ 1,326,080 Total liabilities and equity $ 189,800 28,000 500,000 $ 717,800 $ 632,000 166,000 351,000 257,280 608,280 $ 1,326,080 Total assets To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 21,000 units. Budgeted sales in units follow: April, 21,000; May, 15,800; June, 21,600; and July, 21,000. The product's selling price is $26.00 per unit and its total product cost is $20.10 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 4,210 pounds. The budgeted June 30 ending raw materials inventory is 5,600 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 16,800 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $12 per hour. e. The predetermined variable overhead rate is $4.30 per direct labor hour. Depreciation of $37,960 per month is the only fixed factory overhead item. f. Sales commissions of 7% of sales are paid in the month of the sales. The sales manager's monthly salary is $4,600. g. Monthly general and administrative expenses include $28,000 for administrative salaries and 0.5% 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 $56,000. 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 $26,000 are budgeted to be declared and paid in May. 1. 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. 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 4,210 pounds. The budgeted June 30 ending raw materials inventory is 5,600 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 16,800 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $12 per hour. e. The predetermined variable overhead rate is $4.30 per direct labor hour. Depreciation of $37,960 per month is the only fixed factory overhead item. f. Sales commissions of 7% of sales are paid in the month of the sales. The sales manager's monthly salary is $4,600. g. Monthly general and administrative expenses include $28,000 for administrative salaries and 0.5% 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 $56,000. 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 $26,000 are budgeted to be declared and paid in May. 1. 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 April, 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. ZIBGY MANUFACTURING Schedule of Cash Receipts April $ 546,000 $ May 410,800 $ June 561,600 Sales Cash receipts from Cash sales Collections of prior period sales Total cash receipts 163,800 382,200 546,000 $ 123,240 287,560 410,800 $ 168,480 393,120 561,600 $ June 217,600 Schedule of Cash Payments for Direct Materials April May Materials purchases $ 186,400 $ 207,800 $ Cash payments for Current period purchases Prior period purchases Total cash payments $ $ 0 $ 0 0 Cash Budget April May June 546,000 410,800 561,600 Beginning cash balance Add: Cash receipts from sales Total cash available Less: Cash payments for: Merchandise Direct labor Variable overhead Sales commissions Sales salaries General and administrative salaries Dividends Purchases of equipment Loan interest Long-term note interest Total cash payments $ 0 $ 0 0 Cash Budget April May June 546,000 410,800 561,600 Beginning cash balance Add: Cash receipts from sales Total cash available Less: Cash payments for: Merchandise Direct labor Variable overhead Sales commissions Sales salaries General and administrative salaries Dividends Purchases of equipment Loan interest Long-term note interest 0 0 0 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance April May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month A 0 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 Sales salaries expense General administrative salaries expense Long-term note interest expense Loan interest expense Total operating expenses Income before taxes 0 Income taxes expense CA $ 0 ZIGBY MANUFACTURING Budgeted Balance Sheet June 30 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 Bank loan payable Income taxes payable Total current liabilities Long-term note payable Equity Common stock Retained earnings Common stock Total Equity Total Liabilities and Equity 0 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 $ 56,000 Liabilities 382,200 Accounts payable 84,200 Loan payable 337,680 Long-term note payable Equity 466,000 Common stock Retained earnings $ 1,326,080 Total liabilities and equity $ 189,800 28,000 500,000 $ 717,800 $ 632,000 166,000 351,000 257,280 608,280 $ 1,326,080 Total assets To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 21,000 units. Budgeted sales in units follow: April, 21,000; May, 15,800; June, 21,600; and July, 21,000. The product's selling price is $26.00 per unit and its total product cost is $20.10 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 4,210 pounds. The budgeted June 30 ending raw materials inventory is 5,600 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 16,800 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $12 per hour. e. The predetermined variable overhead rate is $4.30 per direct labor hour. Depreciation of $37,960 per month is the only fixed factory overhead item. f. Sales commissions of 7% of sales are paid in the month of the sales. The sales manager's monthly salary is $4,600. g. Monthly general and administrative expenses include $28,000 for administrative salaries and 0.5% 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 $56,000. 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 $26,000 are budgeted to be declared and paid in May. 1. 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. 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 4,210 pounds. The budgeted June 30 ending raw materials inventory is 5,600 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 16,800 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $12 per hour. e. The predetermined variable overhead rate is $4.30 per direct labor hour. Depreciation of $37,960 per month is the only fixed factory overhead item. f. Sales commissions of 7% of sales are paid in the month of the sales. The sales manager's monthly salary is $4,600. g. Monthly general and administrative expenses include $28,000 for administrative salaries and 0.5% 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 $56,000. 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 $26,000 are budgeted to be declared and paid in May. 1. 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 April, 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. ZIBGY MANUFACTURING Schedule of Cash Receipts April $ 546,000 $ May 410,800 $ June 561,600 Sales Cash receipts from Cash sales Collections of prior period sales Total cash receipts 163,800 382,200 546,000 $ 123,240 287,560 410,800 $ 168,480 393,120 561,600 $ June 217,600 Schedule of Cash Payments for Direct Materials April May Materials purchases $ 186,400 $ 207,800 $ Cash payments for Current period purchases Prior period purchases Total cash payments $ $ 0 $ 0 0 Cash Budget April May June 546,000 410,800 561,600 Beginning cash balance Add: Cash receipts from sales Total cash available Less: Cash payments for: Merchandise Direct labor Variable overhead Sales commissions Sales salaries General and administrative salaries Dividends Purchases of equipment Loan interest Long-term note interest Total cash payments $ 0 $ 0 0 Cash Budget April May June 546,000 410,800 561,600 Beginning cash balance Add: Cash receipts from sales Total cash available Less: Cash payments for: Merchandise Direct labor Variable overhead Sales commissions Sales salaries General and administrative salaries Dividends Purchases of equipment Loan interest Long-term note interest 0 0 0 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance April May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month A 0 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 Sales salaries expense General administrative salaries expense Long-term note interest expense Loan interest expense Total operating expenses Income before taxes 0 Income taxes expense CA $ 0 ZIGBY MANUFACTURING Budgeted Balance Sheet June 30 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 Bank loan payable Income taxes payable Total current liabilities Long-term note payable Equity Common stock Retained earnings Common stock Total Equity Total Liabilities and Equity 0