Q10. Zigby Manufacturing

Required:

1. Sales Budget (completed)
2. Production Budget
3. Direct Materials Budget
4. Direct Labor Budget
5. Factory Overhead Budget
6. Selling Expense Budget
7. General and Administrative expense budget
8. Schedule of cash receipts
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

Please help me with requirements 2 - 6. Requirement 1 has already been completed.

Complete this question by entering your answers in the tabs below. Factory overhead budget. Note: Round variable overhead rate values to 2 decimal places. Direct labor budget. Note: Round per unit values to 2 decimal places. Selling expense budget. Direct materials budget. Note: Round per unit values to 2 decimal places. Production budget. The management of Zigby Manufacturing prepared the following balance sheet for March 31 . To prepare a master budget for Aprll, May, and June, management gathers the following Information. a. Sales for March total 98,400 unlts. Budgeted sales in unlts follow: Aprll, 98,400; May, 93,600; June, 96,000; and July, 98,400 . The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materlals Inventory consists solely of direct materlals that cost $20 per pound. Company policy calls for a given month's ending materlals Inventory to equal 50% of the next month's direct materlals requirements. The March 31 raw materlals Inventory Is 23,640 pounds. The budgeted June 30 ending raw materlals Inventory Is 19,200 pounds. Each finlshed unlt requires 0.50 pound of direct materlals. c. Company policy calls for a given month's ending finshed goods Inventory to equal 80% of the next month's budgeted unlt sales. The March 31 finished goods Inventory is 78,720 units. d. Each finished unlt requires 0.50 hour of direct labor at a rate of $15 per hour. e. The predetermIned varlable overhead rate is $2.70 per direct labor hour. Depreclation of $96,000 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 $14,400. g. Monthly general and admInIstratlve expenses Include $57,600 for admInIstratlve salarles and 0.9% monthly Interest on the longterm note payable. h. The company budgets 30% of sales to be for cash and the remalning 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 materlals purchases are on credit, and accounts payable are solely tled to raw materlals purchases. Raw materlals purchases are fully pald in the next month (none are pald in the month of purchase). J. The minlmum ending cash balance for all months is $192,000. 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 $48,000 are budgeted to be declared and pald in May. I. 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 pald In the third calendar quarter. m. Equipment purchases of $480,000 are budgeted for the last day of June