PLEASE READ. I ONLY NEED HELP FILLING OUT "SCHEDULE OF CASH PAYMENTS FOR DIRECT MATERIALS" & "CASH BUDGET"

To prepare a master budget for April, May, and June, management gathers the following information.

1. Sales for March total 19,500 units. Budgeted sales in units follow: April, 19,500; May, 17,100; June, 21,300; and July, 19,500. The products selling price is $31.00 per unit and its total product cost is $24.60 per unit.
2. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given months ending materials inventory to equal 50% of the next months direct materials requirements. The March 31 raw materials inventory is 4,395 pounds. The budgeted June 30 ending raw materials inventory is 4,800 pounds. Each finished unit requires 0.50 pound of direct materials.
3. Company policy calls for a given months ending finished goods inventory to equal 80% of the next months budgeted unit sales. The March 31 finished goods inventory is 15,600 units.
4. Each finished unit requires 0.50 hour of direct labor at a rate of $23 per hour.
5. The predetermined variable overhead rate is $3.40 per direct labor hour. Depreciation of $27,020 per month is the only fixed factory overhead item.
6. Sales commissions of 7% of sales are paid in the month of the sales. The sales managers monthly salary is $3,800.
7. Monthly general and administrative expenses include $20,000 for administrative salaries and 0.5% monthly interest on the long-term note payable.
8. 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).
9. 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).
10. The minimum ending cash balance for all months is $48,000. 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.
11. Dividends of $18,000 are budgeted to be declared and paid in May.
12. 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.
13. Equipment purchases of $100,000 are budgeted for the last day of June.

The management of Zigby Manufacturing prepared the following balance sheet for March 31. Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation ZIGBY MANUFACTURING Balance Sheet March 31 Liabilities and Equity $ 48,000 Liabilities 423, 150 Accounts payable 87,900 Loan payable 383,760 Long-term note payable Equity 458,000 Common stock Retained earnings $ 1,400,810 Total liabilities and equity $ 187,200 20,000 500,000 $ 707,200 $ 616,000 158,000 343,000 350, 610 693,610 $ 1,400,810 Total assets To prepare a master budget for April, May, and June, management gathers the following information. ZIBGY MANUFACTURING Schedule of Cash Receipts April $ 604,500 June May 530,100 Sales $ $ 660,300 Cash receipts from Cash sales Collections of prior period sales Total cash receipts 181,350 423,150 604,500 $ 159,030 423,150 582,180 $ 198,090 371,070 569,160 $ June 195,300 Schedule of Cash Payments for Direct Materials April May Materials purchases $ 190,200 $ 201,600 $ Cash payments for Current period purchases Prior period purchases 187,200 190,200 Total cash payments 187,200 $ 190,200 $ 201,600 201,600 Cash Budget April May June Beginning cash balance Total cash available Less: Cash payments for: 0 0 0 Total cash payments Preliminary cash balance Ending cash balance