Please answer only the blank spreadsheets. The first five do not need to be answered.

The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019:

ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019
Assets
Cash	$	40,000
Accounts receivable		342,248
Raw materials inventory		98,500
Finished goods inventory		325,540
Total current assets		806,288
Equipment		600,000
Accumulated depreciation		(150,000	)
Equipment, net		450,000
Total assets	$	1,256,288
Liabilities and Equity
Accounts payable	$	200,500
Short-term notes payable		12,000
Total current liabilities		212,500
Long-term note payable		500,000
Total liabilities		712,500
Common stock		335,000
Retained earnings		208,788
Total stockholders equity		543,788
Total liabilities and equity	$	1,256,288

Sales representatives commissions are 8% of sales and are paid in the month of the sales. The sales managers monthly salary is $3,000.

Monthly general and administrative expenses include $12,000 administrative salaries and 0.9% monthly interest on the long-term note payable.

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).

All raw materials purchases are on credit, and no payables arise from any other transactions. One months raw materials purchases are fully paid in the next month.

The minimum ending cash balance for all months is $40,000. 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.

Dividends of $10,000 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 paid in the third calendar quarter.

Equipment purchases of $130,000 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.):

Sales budget.

Production budget.

Raw materials budget.

Direct labor budget.

Factory overhead budget.

Selling expense budget. General and administrative expense budget. Cash budget. Budgeted income statement for the entire second quarter (not for each month separately). Budgeted balance sheet.

ZIGBY MANUFACTURING Sales Budget April, May, and June 2019 Budgeted Budgeted Unit Sales Unit Price April 2019 20,500 $ 23.85 May 2019 19,500 23.85 June 2019 20,000 23.85 Totals for the second quarter 60,000 Budgeted Sales Dollars $ 488,925 465,075 477,000 $ 1,431,000 June Total ZIGBY MANUFACTURING Production Budget April, May, and June 2019 April May Next month's budgeted sales (units) 19,500 20,000 Ratio of inventory to future sales 80% 80% Budgeted ending inventory (units) 15,600 16,000 Budgeted units sales for month 20,500 195,000 Required units of available production 36,100 211,000 Beginning inventory (units) 16,400 15,600 Units to be produced 19,700 19,900 20,500 80% 16,400 20,000 36,400 1,600 20,400 60,000 May Total Production budget (units) Materials requirements per unit Materials needed for production Budgeted ending inventory Total materials requirements (units) Beginning inventory Materials to be purchased Material price per unit Budgeted raw material purchases ZIGBY MANUFACTURING Raw Materials Budget April, May, and June 2019 April June 19,700 19,900 20,400 0.50 0.50 0.50 9,850 9,950 10,200 4,975 5,100 4,000 14,825 15,050 14,200 4,925 4,975 5.100 9,900 10,075 9,100 $ 20 $ 20 $ 20 $ 198,000 $ 201,500 $ 182,000 29,075 Budgeted production (units) Direct labor rate (per hour) Total labor hours needed Direct labor rate (per hour) Budgeted direct labor cost ZIGBY MANUFACTURING Direct Labor Budget April, May, and June 2019 April May June Total 19,700 19,900 20,400 0.50 0.50 0.50 9,850 9,950 10,200 30,000 $ 15 $ 15 $ 150 $ 15 $ 147,750 $ 149,250 $ 153,000 $ 450,000 June Total Labor hours needed Variable factory overhead rate Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead ZIGBY MANUFACTURING Factory Overhead Budget April, May, and June 2019 April May 9,850 9,950 $ 2.70 $ 2.70 $ $ 26,595 $ 26,865 $ 20,000 20,000 $ 46,595 $ 46,865 $ 10,200 2.70 27,540 $ 20,000 81,000 60,000 141,000 47,540 $ Selling expense budget. ZIGBY MANUFACTURING Selling Expense Budget April, May, and June 2019 April May June Budgeted sales Sales commissions General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April, May, and June 2019 April May June $ Total budgeted G&A expenses $ Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minu Calculation of Cash receipts from customers: $ $ Total budgeted sales Cash sales Sales on credit April 488,925 $ 146,678 342,248 $ May 465,075 139,523 325,552 June 477,000 143,100 333,900 30% 70% $ $ Current month's cash sales Collections of receivables Total cash receipts Total cash receipts from customers April $ 146,678 342,248 $ 488,926 $ May 139,523 $ 342,248 481,771 $ June 143,100 325,553 468,653 ZIGBY MANUFACTURING Cash Budget April, May, and June 2019 April $ 40,000 $ 488,926 528,926 June May 75,467 $ 481,770 Beginning cash balance Cash receipts from customers Total cash available Cash payments for 96,416 468,653 565,069 557,237 Direct labor Variable overhead General & administrative salaries 0 0 0 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 Budgeted income statement for the entire second quarter (not for each month separately). nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2019 Operating expenses Total operating expenses 0 0 CA 0 Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2019 Assets Total current assets 0 Equipment, net Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity