Liberty Uni X cw CrowdStrik X 7R Pros and C X G JP Service (X G Jasper Con X Question 1 X 5 Kayak Cc X Homework X G The manac X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.liberty.edu%252Fwebapps%252F... LC Update : Apps G Gmail YouTube Maps VitalSource Booksh... QuickBooks_CUser_... Glossary Lu Search Results | Jerr... Lu Topic: Study Tips: W... OV First-Timer's Guide... Reading list Homework: Master Budgets Assignment i Saved Help Save & Exit Submit Check my work 10 ZIGBY MANUFACTURING Balance Sheet March 31 Assets Liabilities and Equity 6 Cash $ 50, 000 Liabilities $ 196, 600 points Accounts receivable 386, 400 Accounts payable Raw materials inventory 84, 200 Loan payable 12, 000 Finished goods inventory 368, 000 Long-term note payable 000 00s $ 708, 600 Equipment $ 602, 000 Equity eBook Less: Accumulated depreciation 151, 000 451, 000 Common stock 336, 000 Retained earnings 295, 000 631, 000 Print Total assets 1, 339, 600 Total liabilities and equity $ 1, 339, 600 References To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 23,000 units. Budgeted sales in units follow: April, 23,000; May, 15,300; June, 20,400; and July, 23,000. The product's selling price is $24.00 per unit and its total product cost is $20.00 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 4,210 pounds. The budgeted June 30 ending raw materials inventory is 4,100 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 18,400 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour. e. The predetermined variable overhead rate is $2.80 per direct labor hour. Depreciation of $21,523 per month is the only fixed actory overhead item. f. Sales commissions of 10% of sales are paid in the month of the sales. The sales manager's monthly salary is $3,100. g. Monthly general and administrative expenses include $13,000 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). Mc Graw Type here to search O W 34 0 F ~ 9 0 E 4 ( 41 ) 1 2:31 AM 2/21/2022 63