Please help me with some corrections. (not a lot)

a. Sales for March total 25,000 units. Forecasted sales in units are as follows: April 25,000, May, 17,000, June, 22.400; and July 25,000. Sales of 259,000 units are forecasted for the entire year. The product's selling price is $26.00 per unit and its total product cost is $21.65 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 4,650 units, which complies with the policy. The expected June 30 ending raw materials inventory is 5.900 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 20,000 units, which complies with the policy d. Each finished unit requires 0.50 hours of direct laborat a rate of $15 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $4.60 per direct labor hour. Depreciation of $39,710 per month is treated as fixed factory overhead 1. Sales representatives commissions are 5% of sales and are paid in the month of the sales. The sales manager's monthly salary is $4,900. g. Monthly general and administrative expenses include $34,000 administrative salaries and 0.8% 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 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 $98,000. 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 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 $29.000 are to be declared and paid in May. 1. 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 $149,000 are budgeted for the last day of June 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. X 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 Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Calculation of Cash receipts from customers: April May June Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Calculation of Cash receipts from customers: May June April 59,000 Total budgeted sales Cash sales Sales on credit 25% Total cash receipts from customers April May June Current month's cash sales Collections of receivables Total cash receipts ZIGBY MANUFACTURING Cash Budget April, May, and June 2019 April 59,000 650,000 $ May 204,360 598,000 Beginning cash balance Cash receipts from customers $ June 299,584 477,100 V Muu 32,500 4,900 310 www 22,100 4,900 29,120 4,900 Sales commissions Sales salaries Loan interest Dividends Purchases of equipment Long-term note interest 29,000 149,000 4,240 4,240 4,240 502,776 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 473,640 (31,000) X (31,000) 204,360 690,164 11,480 X 11,480 0 $ 22,960 May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month Loan balance April (31,000) (31,000) (62,000) 11,480 11,480 ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2019 $ 98,000 436,800 118,000 433,000 Assets Cash Accounts receivable Bank loan payable Income taxes payable Total current assets Equipment Merchandise Inventory Equipment, net Total assets $1,085,800 638,000 149,000 489,000 $1,574,800 Liabilities and Equity Liabilities Accounts payable $ Bank loan payable 240,400 11,480 26,767 Income taxes payable HIILVINIC LOACO payaUIG J. VVV $1,085,800 638,000 % 149,000 489,000 $1,574,800 Total current assets Equipment Merchandise Inventory Equipment, net Total assets Liabilities and Equity Liabilities Accounts payable Bank loan payable Income taxes payable Total current liabilities Long-term note payable Stockholders' Equity Common stock Retained earnings Total Stockholders' Equity Total Liabilities and Equity 240,400 11,480 26,767 278,647 530,000 $ 354,000 422.114 776,114 $1.584 761 Deonicoche June Total Next month's budgeted sales (units) Ratio of inventory to future sales Budgeted ending inventory (units) Budgeted units sales for month Required units of available production Beginning inventory (units) Units to be produced ZIGBY MANUFACTURING Production Budget April, May, and June 2019 April May 17,000 22,400 80% 80% 13,600 17,920 38,600 34,920 X 52,200 52,840 (20,000) (13,600) 18,600 21,320 25,000 80% 20,000 42,400 X 62,400 (17.920) 24,480 64,400