Please use the following to prepare a complete master budget including ALL steps (A-M). Please answer the question completely with all steps and required financial information. Thank you

7-4 go book contents Problem 7-4A Manufacturing: Preparation of a complete master budget P1 P2 P3 The management of zigby Manufacturing prepared the following estimated balance sheet for March, 2015 ZIGBY MANUFACTURING Estimated Balance Sheet March 3I 2015 Liabilities and Equity Assets Accounts payable 200,500 40,000 Short-term notes payable 342,248 212,500 Total current liabilities Raw materials inventory 98,500 Finished goods invent 500.000 325,540 Long-term note payable 712,500 Total liabilities Total current assets 806,288 335,000 600,000 Equipment, gross..... 208,788 50.000) Retained earnings Accumulated depreciation Total stockholders' equity 543,788 450,000 Total liabilities and equity $12S6.288 Total assets To prepare a master budget for April, May. and June of 2015. management gathers the following information a. Sales for March total 20.500 units. Forecasted sales in units are as follows: April, 20,500 May 19.500. June, 20,000, and July, 20,500 Sales of 240,000 units are forecasted for the entire year. The product's selling price is S23.85 per unit and its total product cost is S19.85 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 4,925 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,000 units. Raw materials cost S20 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 16.400 units, which complies with the policy d. Each finished unit requires 0.50 hours of direct labor at a rate of $15 per hour e. Overhead is allocated based on direct labor hours The predetermined variable overhead rate is S2.70 per direct labor hour Depreciation of $20 000 per month is treated as fixed factory overhead 1. sales representatives' commissions are 8% of sales and are paid in the month of the sales. The sales manager's monthly salary is S3,000 g. Monthly general and administrative expenses include S12 000 administrative salaries and 0 93