Please assist.

The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: $ 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 Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity 58,000 484,640 91,290 393,304 1,027,234 636,000 (168,000) 468,000 $ 1,495,234 $ 206,390 30,000 236,390 525,000 761,390 353,000 380,844 733,844 $ 1,495,234 To prepare a master budget for April, May, and June of 2017, management gathers the following information: a. Sales for March total 23,300 units. Forecasted sales in units are as follows: April, 23,300; May, 17,000; June, 21,900; and July, 23,300. Sales of 258,000 units are forecasted for the entire year. The product's selling price is $26.00 per unit and its total product cost is $21.10 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 4,565 units, which complies with the policy. The expected June 30 ending raw materials inventory is 5,800 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials. 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 18,640 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $14 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $4.50 per direct labor hour. Depreciation of $38,360 per month is treated as fixed factory overhead f. Sales representatives' commissions are 10% of sales and are paid in the month of the sales. The sales manager's monthly salary is $4,800. g. Monthly general and administrative expenses include $30,000 administrative salaries and 0.8% monthly interest on the long-term note payable. h. The company expects 20% of sales to be for cash and the remaining 80% on credit. Receivables are collected in full in the month following the sale (none are collected in the month of the sale). i. 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 $58,000. 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. k. Dividends of $28,000 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 $148,000 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.): 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 (not for each month separately). 10. Budgeted balance sheet. Answer is not complete. 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 Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Sales Budget April, May, and June 2017 Budgeted Budgeted Budgeted Unit Sales Unit Price Sales Dollars April 2017 23,300 $ 26.00 $ 605,800 May 2017 17,000 26.00 442,000 June 2017 21,900 26.00 569,400 Totals for the second quarter 62,200 $ 1,617,200 Total June 23,300 ZIGBY MANUFACTURING Production Budget April, May, and June 2017 April May Next month's budgeted sales (units) 17,000 21,900 Ratio of inventory to future sales 80% 80% Budgeted ending inventory (units) 13,600 17,520 Budgeted units sales for month 23,300 17,000 Required units of available production 36,900 34,520 Beginning inventory (units) 18,640 13,600 Units to be produced 18,260 20,920 80% 18,640 21,900 40,540 17,520 23,020 62,200 ZIGBY MANUFACTURING Raw Materials Budget April, May, and June 2017 April May June Total Production budget (units) 18,260 20,920 23,020 Materials requirements per unit 0.50 0.50 0.50 Materials needed for production 9.130 10,460 11,510 Budgeted ending inventory 5,230 5,755 5,800 Total materials requirements (units) 14,360 16,215 17,310 Beginning inventory 4,565 5,230 5,755 Materials to be purchased 9,795 10,985 11,555 32,335 Material price per unit $ 20 $ 20 $ 20 $ 20 Budgeted raw material purchases $ 195,900 $ 219,700 $ 231,100 $ 646,700 Direct labor budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Labor Budget April, May, and June 2017 April May June Total Budgeted production (units) 18,260 20.920 23,020 Labor requirements per unit (hours) 0.50 0.50 0.50 Total labor hours needed 9,130 10,460 11,510 31,100 Direct labor rate (per hour) $ 14 14 $ 14 $ 14 Budgeted direct labor cost 127 820 $ 146,440 $ 161,140 $ 435,400 $ EA Total ZIGBY MANUFACTURING Factory Overhead Budget April, May, and June 2017 April May 9,130 10,460 4.50 $ 4.50 $ 41,085 $ 47,070 $ 38,360 38,360 79,445 $ 85,430 $ June 11,510 Labor hours needed Variable factory overhead rate Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead 4.50 $ $ 51,795 $ 38,360 90,155 $ 139,950 115,080 255,030 $ Total ZIGBY MANUFACTURING Selling Expense Budget April, May, and June 2017 April May $ 605,800 $ 442,000 $ 10% 10% 60,580 $ 44,200 $ 4,800 4,800 65,380 $ 49,000 $ June 569,400 Budgeted sales Sales commission percent Sales commissions Sales salaries Total budgeted selling expenses 10% 56,940 $ 4,800 61,740 $ 161,720 14,400 176,120 General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budgets April, May, and June 2017 April May Salaries $ 30,000 $ 30,000 $ Interest on long-term note 4,200 4,200 Total budgeted G&A expenses $ 34,200 $ 34,200 $ June 30,000 $ Total 90,000 12,600 102.600 4,200 34,200 $ $ 650,490 ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2017 Assets Cash $ 58,000 Accounts receivable 455,520 Raw materials inventory 116,000 Finished goods inventory 20,970 Total current assets Equipment $ 784,000 Accumulated depreciation 283,080 Equipment, net Total assets Liabilities and Equity Liabilities Accounts payable $ 231,100 Bank loan payable Income taxes payable Total current liabilities Long-term note payable Stockholders' Equity Common stock $ 353,000 Retained earnings Total Stockholders' Equity Total Liabilities and Equity 500,920 $1,151,410 231,100 525,000