I Only need to complete the last three sections of the original problem. I have completed the other parts and parts of the current sections I am asking about.

The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulateddepreciation Equipment, net Total assets $42,e0e 364,000 107,200 349,440 862,646 604,000 152,e00 452,000 $ 1,314,640 Liabilities and Equity $211,300 14,e00 225, 300 510,000 735, 300 337,000 242,340 579,340 $ 1,314,640 Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total 1iabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity To prepare a master budget for April, May, and June of 2017, management gathers the following information a. Sales for March total 20,800 units. Forecasted sales in units are as follows: April, 20,800; May, 21,600; June, 20,900; and July, 20,800. Sales of 242,000 units are forecasted for the entire year. The product's selling price is $25.00 per unit and its total product cost is $21.00 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 5,360 units, which complies with the policy. The expected June 30 ending raw materi inventory is 4,200 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 16,640 units, which complies with the policy d. Each finished unit requires 0.50 hours of direct labor at a rate of $17 per hour e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.00 per direct labor hour. f. Sales representatives' commissions are 8% of sales and are paid in the month of the sales. The sales manager's monthly salary is g. Monthly general and administrative expenses include $14,000 administrative salaries and 07% monthly interest on the long-term 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 i. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases Depreciation of $21,100 per month is treated as fixed factory overhead $3,200 note payable following the sale (none are collected in the month of the sale) e fully paid in the next month j. The minimum ending cash balance for all months is $42,000. 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 $12,000 are to be declared and paid in May l. 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 $132,000 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. ZIGBY MANUFACTURING Cash Budget April, May, and June 2017 May April June 42,000 520,000 562,000 Beginning cash balance Cash receipts from customers Total cash available Cash payments for: 526,000 534,750 Raw materials Direct labor Variable overhead Sales commissions Sales salaries General & administrative salaries Dividends Loan interest Long-term note interest Purchases of equipment 182,240 32,160 41,600 3,200 14,000 178,840 31,560 43,200 3,200 14,000 12,000 176,970 31,230 41,800 3,200 14,000 3,570 3,570 3,570 132,000 276,770 286,370 402,770 Total cash payments Preliminary cash balance Ending cash balance Loan balance April May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $ 1,582,500 1,329,300 253,200 Sales commissions Sales salaries General administrative salaries Bank loan interest expense Long-term note interest $126,600 9,600 42,000 10,710 188,910 Total operating expenses Income before taxes ncome tax Net income 64,290 $ 64,290 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory 365,750 Total current assets $ 365,750 Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Liabilities Accounts payable Bank loan payable Income taxes pavable Total current liabilities Long-term note payable Stockholders' Equity Common stock Retained earnings Total Stockholders' Equity Total Liabilities and Equity The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulateddepreciation Equipment, net Total assets $42,e0e 364,000 107,200 349,440 862,646 604,000 152,e00 452,000 $ 1,314,640 Liabilities and Equity $211,300 14,e00 225, 300 510,000 735, 300 337,000 242,340 579,340 $ 1,314,640 Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total 1iabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity To prepare a master budget for April, May, and June of 2017, management gathers the following information a. Sales for March total 20,800 units. Forecasted sales in units are as follows: April, 20,800; May, 21,600; June, 20,900; and July, 20,800. Sales of 242,000 units are forecasted for the entire year. The product's selling price is $25.00 per unit and its total product cost is $21.00 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 5,360 units, which complies with the policy. The expected June 30 ending raw materi inventory is 4,200 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 16,640 units, which complies with the policy d. Each finished unit requires 0.50 hours of direct labor at a rate of $17 per hour e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.00 per direct labor hour. f. Sales representatives' commissions are 8% of sales and are paid in the month of the sales. The sales manager's monthly salary is g. Monthly general and administrative expenses include $14,000 administrative salaries and 07% monthly interest on the long-term 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 i. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases Depreciation of $21,100 per month is treated as fixed factory overhead $3,200 note payable following the sale (none are collected in the month of the sale) e fully paid in the next month j. The minimum ending cash balance for all months is $42,000. 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 $12,000 are to be declared and paid in May l. 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 $132,000 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. ZIGBY MANUFACTURING Cash Budget April, May, and June 2017 May April June 42,000 520,000 562,000 Beginning cash balance Cash receipts from customers Total cash available Cash payments for: 526,000 534,750 Raw materials Direct labor Variable overhead Sales commissions Sales salaries General & administrative salaries Dividends Loan interest Long-term note interest Purchases of equipment 182,240 32,160 41,600 3,200 14,000 178,840 31,560 43,200 3,200 14,000 12,000 176,970 31,230 41,800 3,200 14,000 3,570 3,570 3,570 132,000 276,770 286,370 402,770 Total cash payments Preliminary cash balance Ending cash balance Loan balance April May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $ 1,582,500 1,329,300 253,200 Sales commissions Sales salaries General administrative salaries Bank loan interest expense Long-term note interest $126,600 9,600 42,000 10,710 188,910 Total operating expenses Income before taxes ncome tax Net income 64,290 $ 64,290 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory 365,750 Total current assets $ 365,750 Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Liabilities Accounts payable Bank loan payable Income taxes pavable Total current liabilities Long-term note payable Stockholders' Equity Common stock Retained earnings Total Stockholders' Equity Total Liabilities and Equity