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Check my work 1 1 Problem 20-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: 20 points ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipent, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-ter note payable Total liabilities Connon stock Retained earnings Total stockholders' equity Total liabilities and equity $ 80,000 364,000 96,010 364,00 984,000 610,000 (155,00) 455,00 $1,359,800 Prim References $ 195, see 17,00 212,500 590,000 722,500 340,000 292.100 $1,359,880 To prepare a master budget for April May, and June of 2017, management gathers the following information: a. Sales for March total 20,000 units. Forecasted sales in units are as follows: April, 20,000: May, 19,000; Aune, 19.500, and July 20.000. Sales of 245.000 units are forecasted for the entire year. The product's selling price is $26.00 per unit and its total product cost is $22.80 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 4.800 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,500 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials Ch 20 Problems Saved Help Save & Edit Submit Check my work 1 20 points 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 16,000 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct laborat a rate of $20 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.20 per direct labor hour Depreciation of $23.400 per month is treated as fived factory overhead. Sales representatives commissions are 6% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3.500 9. Monthly general and administrative expenses include $17.000 administrative salaries and 0.9% monthly interest on the long-term note payable 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 following the sale (none are collected in the month of the sale) 1. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases are fully paid in the next month ]. The minimum ending cash balance for all months is $45,000. 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 esce is the minimum, the excess will be applied to repaying the short-term notos payable balance k. Dividends of $15,000 are to be declared and paid in May. No cash payments for income taxes are to be made during the second calendar quarter Income tax will be assessed at 35% in the quarter and pold in the third calendar quarter m. Equipment purchases of $135,000 are budgeted for the last day of June. Bock U Print References 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. Rew materials budget 4. Direct inbor budget 5. Factory overhead budget 6. Seling 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 t Sales budget. (Round Budgeted unit price to 2 decimal places.) ences ZIGBY MANUFACTURING Sales Budget April, May, and June 2017 Budgeted Budgeted Budgeted Unit Sales Unit Price Sales Dollars April 2017 May 2017 June 2017 Totals for the second quarter Required Required 2 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Production budget es ZIGBY MANUFACTURING Production Budget April, May, and June 2017 April May Next month's budgeted sales (units) 19,000 19,500 Ratio of inventory to future sales 80% 80% June 20,000 80% Required units of available production Units to be produced Required 1 Required 3 > aw Prev 1 of 1 !!! Next Required 1 Required 2 Requirei 3 Required 4. Required 5 Required 6 Required 7 Required 8 Required 9 Rec Raw materials budget. (Round per unit values to 2 decimal places.) ces ZIGBY MANUFACTURING Raw Materials Budget April, May, and June 2017 April May June Production budget (units) Materials needed for production Total materials requirements (units) Materials to be purchased Material price per unit Budgeted raw material purchases Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Factory overhead budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Factory Overhead Budget April, May, and June 2017 April May June Total Labor hours needed Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Selling expense budget. ZIGBY MANUFACTURING Selling Expense Budget April, May, and June 2017 April May June Budgeted sales Sales commissions Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budgets April, May, and June 2017 April May Juno Total budgeted GA expenses Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Calculation of Cash receipts from customers: April May June Total budgeted sales Cash sales Sales on credit 30% 70% Total cash receipts from customers Current month's cash sales Collections of receivables hces ZIGBY MANUFACTURING Cash Budget April, May, and June 2017 April May June Beginning cash balance Total cash available Cash payments for: Total cash available Cash payments for: es 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 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Budgeted income statement for the entire second quarter (not for each month separately). (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2017 ok Operating expenses onces Total operating expenses