Please fill in all green and peach squares for the cash budget information.

c The management of Zigby Manufacturing prepared the following balance sheet for March 31. fx c 2 3 4 6 8 9 10 11 12 13 14 April 16 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated Tota I assets 3,000,000 750,000 200,000 1,722,000 492,500 1,627,700 2,250,000 6,292,200 ZIGBY MANUFACTURING Balance Sheet 3/31/20XX Liabilities and Equity Liabilities Accounts payable Loan payable Long-term note payable Equity Common stock Reta ined ea rnings Total lia bilities and equity 1,005,000 12,000 1,675,000 3,517,000 2,775,200 6,292,200 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Cash Bud t Information: Minimum Cash Balance Required Percentage paid on bank loan (When? How Much?) Loan Payable (from Balance Sheet - previous loan to meet min Cash Bal Assets Purchase of Equipment (How much? When?) Cash Balance as of March 31 Beginning Cash Balance ADD: Cash Receipts (from Cash Receipt Budget) Total Cash Available LESS: Cash Payments for: Direct Material (see Cash Pymt for DM Budget) Direct Labor (see DL Budget) Variable Overhead (Factory OH Budget) Sales Commissions (see Selling Expense Budget) Sales Salaries (see Selling Expense Budget) General and Administriative Salaries (see Gen & Admin Exp Budget) Dividends Loan Interest Lont-Term note Interest (see Gen & Admin Exp Budget) Purchases of e ui ment Total Cash Payments Prelliminary Cash Balance Additional Loan(loan repayment) Ending Cash Balance CHECK FIGURE: Ending cash in June = $353,880 (see letters j,k.l & m on Budget Instructions) See page 783 in Book paid before repayment of loan balance (Must use in the month of loan payment) Zigby Manufacturing Cash Budget may June To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 102,500 units. Budgeted sales in units follow: April, 102,500; May, 97,500; June, 100,000; and July, 102,500. 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 24,625 pounds. The budgeted June 30 ending raw materials inventory is 20,000 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. The March 31 finished goods inventory is 82,000 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 $100,000 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 $15,000. g. Monthly general and administrative expenses include $60,000 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 $200,000. 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 $50,000 are budgeted to be declared and paid in May. l. 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 $500,000 are budgeted for the last day of June.