Please include formulas in peach colored cells.

The management Of ZiEbV Manufacturing oreoared the following balance sheet for March 31. 10 12 14 17 20 21 22 23 24 25 26 28 29 30 31 33 35 36 37 38 39 40 41 42 43 44 45 46 C46 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 37 38 39 40 41 42 43 45 fx Sales Budget Information: Selling Price per unit Assets Budgeted Sales Units Selling Price per Unit Total Budgeted Sales $ c (see letter a on Budget Instructions) Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated Total assets 3,000,000 750,000 200,000 1,722,000 492,500 1,627,700 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 Retained earnings Total liabilities and equity See page 776 in Book use for formula below (remember to LOCK cell address) 12,000 1,100,200 April Zigby Manufacturing Sales Budget May June 6,292,200 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 tota 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 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 pu rchase). 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. . 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. CHECK FIGURE: June Total Budgeted sales $ = $2,400,000 Required: I. Sales budget - 776 in book 2. Production budget- Page 777 in book 3. Direct materials budget- Page 778 in book 4. Direct labor budget- Page 778 in book S. Factory overhead budget Page 779 in book 6. Selling expense budget- Page 780 in book 7. General and administrative expense budget - 780 in book 8. Schedule Of cash receipts - 782 in book 9. Schedule Of cash payments for direct materials - 783 in book 10. Cash budget- 783 in book II. Budgeted income statement for entire second quarter (not monthly) - Page 785 in book 12. Budgeted balance sheet at June 30 - Page 786 in book GRADING RUBRIC ints With ALL Formulas Points Without ALL Formulas