please help!! (explainations would be extremely helpful if possible)
a. Sales for March total 69,700 units. Budgeted sales in units follow: Aprll, 69,700; May, 66,300; June, 68,000; and July, 69,700. 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 materlals that cost $20 per pound. Company policy calls for a given month's ending materiais inventory to equal 50% of the neqt month's direct matoriais requirements. The March 31 raw materials inventory is 16,745 pounds. The budgeted June 30 ending rab materials inventory 1513.600 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 55,760 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 $68,000 per month is the only fixed factory overhead item. 1. Sales commissions of 8% of sales are poid in the month of the sales. The soles manager's monthly saiary is $10,200. 9. Monthly general and administrative expenses include $40,800 for admin strative salaries and 0.9% monthly interest on the longterm 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 colected in the month of sale). 1. All raw materials purchaises are on credit, and occounts payoble are solely tied to raw materials purchases. Raw materials purchases are fully pald in the next month (none are paid in the month of purchase). 1. The minimum ending cash balance for all months is $136,000. If necessary, the company bortows enough cash using a loan to reach the minimum. Loans require an interest payment of 1% at each monthend (before any repayment). If the month-end preliminary cash ba ance exceeds the minimum, the excess w bo bo used to repay any loans. k. Dividends of $34,000 are budgeted to be deciared and padin May. 1. 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 $340,000 are budgeted for the last day of Juno. Required: Prepare the following budgets for the months of Aprll. Moy. and June: Requlred: Prepare the following budgets for the months of April, May, and June: 1. Sales budget 2. Production budget 3. Direct materials budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Seling expense budget. 7. General and administrative expense budget. 8. Schedule of cash recelpts. 9. Schedule of cash payments for direct materials. 10. Cash budget. 11. Budgeted Income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30 . b. Answer is not complete. Complete this question by entering your answers in the tabs below. Sales budget. 12. Budgeted balance sheet at June 30 . Answer is not complete. Complete this question by entering your answers in the tabs below. Production budget. 10. Cash budget. 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30 . Answer is not complete. Complete this question by entering your answers in the tabs below. Direct materials budget. (Round per unit values to 2 decimal places.) 12. Budgeted balance sheet at June 30 . x Answer is not complete. Complete this question by entering your answers in the tabs below. Direct labor budget. (Round per unit values to 2 decimal places.) 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30 . Answer is not complete. Complete this question by entering your answers in the tabs below. Factory overhead budget. (Round variable overhead rateavalues to 2 decimal places.) * Answer is not complete. Complete this question by entering your answers in the tabs below. Selling expense budget. Complete this question by entering your answers in the tabs below. General and administrative expense budget. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materlals. 10. Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Loan balance \begin{tabular}{|l|l|l|l|} \hline & April & May & June \\ \hline Loan balance - Beginning of month & & & \\ \hline Addivonatioan (ioan repayment) & & & \\ \hline Loan balance - End of month & 5 & & \\ \hline \end{tabular} Req 7 Req 11 9. Schedule of cash payments for direct materials. 10. Cash budget. 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30 . Answer is not complete. Complete this question by entering your answers in the tabs below. Budgeted income statement for entire second quarter (not monthly). (Round your fial answers to the ne Budgeted balance sheet at June 30. (Round your final answers to the nearest whole dollar.)
