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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 $ 40,000 Liabilities 344,400 Accounts payable 98,500 Loan payable 325, 540 Long-term note payable Equity 450,000 Common stock Retained earnings $ 1,258,440 Total liabilities and equity $ 201,000 12,000 500,000 $ 713,000 $ 600,000 150,000 335,000 210, 440 Total assets 545,440 $ 1,258,440 To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 20,500 units. Budgeted sales in units follow: April, 20,500; May, 19,500; June, 20,000; and July, 20,500. The product's selling price is $24.00 per unit and its total product cost is $19.85 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 4,925 pounds. The budgeted June 30 ending raw materials inventory is 4,000 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. 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 16,400 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 $2.70 per direct labor hour. Depreciation of $20,000 per month is the only fixed factory overhead item. f. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is $3,000. g. Monthly general and administrative expenses include $12,000 for administrative salaries and 0.9% 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 $40,000. 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 $10,000 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. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) June May 468,000 $ 480,000 ZIBGY MANUFACTURING Schedule of Cash Receipts April Sales S 492,000 $ Cash receipts from Cash sales 147,600 Collections of prior period sales 344.400 Total cash receipts 492,000 $ 140,400 144,000 140,400 $ 144,000 June $ 182,000 Schedule of Cash Payments for Direct Materials April May Materials purchases $ 198.000 $ 201,500 $ Cash payments for Current period purchases Prior period purchases Total cash payments $ 0 $ 0 $ 0 Cash Budget April $ 40,000 May June $ 85,675 $ 129,420 Beginning cash balance Add: Cash receipts from sales > 492,000 484,800 570,475 471,600 601,020 Total cash available 532,000 Less: Cash payments for: Direct material 3 198,000 201,000 147.750 Direct labor 149,25 201,500 153,000 27,540 38,400 Variable overhead 26,595 39,360 26,865 37,440 Sales commissions Sales salaries 3,000 3,000 12,000 3,000 12,000 General and administrative salaries 12,000 10,000 Dividends 0 120 0 Loan interest 4,500 4,500 Long-term note interest Purchases of equipment 4,500 100,000 0 3,000 Sales salaries 3,000 12,000 12,000 General and administrative salaries 12,000 10,000 0 0 Dividends 120 0 Loan interest 4,500 4,500 4,500 Long-term note interest Purchases of equipment 0 0 100,000 X 0 0 Taxes paid 441,055 434,325 Total cash payments 539,940 97,675 129,420 61,080 0 (12,000) Preliminary cash balance Additional loan (loan repayment) Ending cash balance (21,080) 40,000 $ 129,420 $