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Problem 07-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019 21GBY WWUFACTURING Estimated balance Sheet March 31, J19 Assets Cash Accounts receivable materials Inventory Finished goods Inventory Total current assets Equipment Accumulated depreciation Equipement, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current sibilities Long-term note payable Total liabilities Con stock Retained earnings Total stockholders equity Total liabilities and its 5 48.000 438,750 87,900 33260 958,410 616.000 (158,000 450.000 $1,416,410 $187.200 20.000 297,200 500.000 735,200 343, 950 701,210 $ 1,416,410 To prepare a master budget for April May and June 2019 management others the following infotiation 111 To prepare a master budget for April, May, and June of 2019, management gathers the following information Sood ances a. Sales for March total 19,500 units Forecasted sales in units are as follows. April 19,500, May, 17300, June 21,300, and July 19,500 Sales of 248.000 units are forecasted for the entire year. The product's selling price is $30.00 per unit and its total product cost $24 60 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 4,395 units, which complies with the policy The expected June 30 ending raw materials Inventory : 4,800 units. Raw materials cost $20 per unit. Each finished unit requires 0 50 units of raw materiali c. Company policy calls for a given months ending finished goods inventory to equal 80% of the next month's expected unit calen The March 31 finished goods inventory is 15,600 units, which complies with the policy d. Each finished unit requires 0.50 hours of direct laborat a rate of $23 per hour e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.40 per direct labor hout Depreciation of $27,020 per month is treated as fixed factory overhead Sales representatives commissions are 7% of sales and are paid in the month of the sales. The sales manager's monthly salary $3,800 9. Monthly general and administrative expenses include $20,000 administrative salaries and 0,5% monthly interest on the long-term note payable h. The company expects 25% of sales to be for cash and the remaining 75 on credit Receivables are coleted in full in the month following the sale (none are collected in the month of the sales 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 J. The minimum ending cash balance for all months is $48.000 If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of at ench 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 $18,000 are to be declared and paid in May I 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 $138.000 are budgeted for the last day of June. Check my work Prepare the following budgets and other financial information required Al budgets and other financial information should be prepared for the second calendar quartet, except otherwise noted below (Round calculations up to the nearest whole della except for the amount of cash sales, which should be rounded down to the nearest whole coller) 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 mot for each month separately 10. Budgeted balance sheet getrol Check my work CHE DELLE 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 Regured 6 Requred 7 Required 8 Required 9 Required 10 Sales budget. (Round Budgeted unit price to 2 decimal places) ZKRY MANUFACTURING Sales Budget April, May, and June 2019 Budgeted Hudgeted Badopted Unit Sales Unit Price Sales Dollars 2019 May 2010 June 2019 Tools for the second quarter Required 2 > REGEL VE 10. Budgeted balance sheet Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required S Required 6 Required 7 Required Required 9 Required 10 Production budget ZIGHY MANUFACTURING Production Budget April, May, and June 2010 April May 17.100 21 300 80W SON 1 June 19 500 Next month's budgered sales units) Ratio of inventory to future sales 80N Requited units of available production Units to be produced