Sales Budget
	April	May	June	July
Budgeted Units	20,500.00	19,500.00	20,000.00	60,000.00
Budgeted Unit Sales Price	23.85	23.85	23.85
Budgeted Sales in Dollars	488,925.00	465,075.00	477,000.00	1,431,000.00
Total	509,425.00	484,575.00	497,000.00	1,491,000.00
Production Budget
	April	May	June	Quarter
Next Period's budgeted sales	19,500.00	20,000.00	20,500.00	60,000.00
Ratio of inventory to future sales	0.80	0.80	0.80
Budgeted ending inventory	15,600.00	16,000.00	16,400.00	48,000.00
Add Budgeted Sales	20,500.00	19,500.00	20,000.00	60,000.00
Required units to be produced	36,100.00	35,500.00	36,400.00	108,000.00
Less Beginning Inventory	16,400.00	15,600.00	16,000.00	48,000.00
Units to be produced	19,700.00	19,900.00	20,400.00	60,000.00
Raw Matarials Budget
	April	May	June	Quarter
Production budget (units)	19,700.00	19,900.00	20,400.00	60,000.00
Materials requirement per unit	0.50	0.50	0.50
Materials needed for production	9,850.00	9,950.00	10,200.00	30,000.00
Add budgeted Inventory	4,975.00	5,100.00	4,000.00	14,075.00
Total materials requirement (units)	14,825.00	15,050.00	14,200.00	44,075.00
Less Beginning Inventory	4,925.00	4,975.00	5,100.00	15,000.00
Materials to be purchased	9,900.00	10,075.00	9,100.00	29,075.00
Material price per unit	20.00	20.00	20.00
Total cost of direct materials purchased	198,000.00	201,500.00	182,000.00	581,500.00
Direct Labor Budget
	April	May	June	Quarter
Budgeted production (units)	19,700.00	19,900.00	20,400.00	60,000.00
Labor requirements per unit (hours)	0.50	0.50	0.50
Total hours needed	9,850.00	9,950.00	10,200.00	30,000.00
Labor rate (per hour)	15.00	15.00	15.00
Labor dollars	147,750.00	149,250.00	153,000.00	450,000.00
Factory Overhead Budget
	April	May	June	Quarter
Labor hours needed	9,850.00	9,950.00	10,200.00	30,000.00
Variable factory overhead rate	2.70	2.70	2.70
Budgeted variable overhead	26,595.00	26,865.00	27,540.00	81,000.00
Fixed Overhead	20,000.00	20,000.00	20,000.00	60,000.00
Budgeted total overhead	46,595.00	46,865.00	47,540.00	141,000.00
Selling Expenses Budgets
	April	May	June	Total
Budgeted Sales	488,925.00	46,075.00	477,000.00	1,431,000.00
Sales commission percent	0.08	0.08	0.08
Sales commission expense	3,911,400.00	37,206.00	38,160.00	114,480.00
Sales Salaries	3,000.00	3,000.00	3,000.00
Total Selling Expenses	42,114.00	40,206.00	41,160.00	123,480.00
General and Administrative Expenses
	April	May	June	Total
Salaries	12,000.00	12,000.00	12,000.00	36,000.00
Interest on long-term note	4,500.00	4,500.00	4,500.00	13,500.00
Total Expenses	16,500.00	16,500.00	16,500.00	49,500.00
Cash Receipts from Customers
	April	May	June	Total
Total Sales	488,925.00	465,075.00	477,000.00	1,431,000.00
Cash Sales (30%)	146,677.50	139,522.50	143,100.00	429,300.00
Credit sales (70%)	342,247.50	325,552.50	333,900.00	1,001,700.00
Cash Collections
Month after sale (100%)	342,248.00	342,247.50	325,552.50	1,010,048.00
Cash Sales	146,677.50	139,522.50	143,100.00	429,300.00
Total Cash Received	488,925.50	481,770.00	468,652.50	1,439,348.00
Budgeted Cash Payments for Purchases
	April	May	June	Quarter
Credit Purchases	198,000.00	201,500.00	182,000.00	581,500.00
Cash Payment
Month After Purchase	200,500.00	198,000.00	201,500.00	600,000.00
Cash Budget
	April	May	June
Beginning Cash Balance	40,000.00	83,346.50	124,175.50
Cash Receipts from Customers	488,925.50	481,770.00	468,652.50
Total Cash Available	528,925.50	565,116.50	592,828.00
Cash Disbursements:
Payments for raw materials	200,500.00	198,000.00	201,500.00
Payments for direct labor	147,750.00	149,250.00	153,000.00
Payments for variable overhead	26,595.00	26,865.00	27,540.00
Sales Commissions	39,114.00	37,206.00	38,160.00
Sales Salaries	3,000.00	3,000.00	3,000.00
General & Administrative Salaries	12,000.00	12,000.00	12,000.00
Dividends		10,000.00
Loan Interest	120.00	120.00	120.00
Long-Term note interest	4,500.00	4,500.00	4,500.00
Equipment Purchases			130,000.00
Total Cash Disbursements	433,579.00	440,941.00	569,820.00
Preliminary cash balance	95,346.50	124,175.50	23,008.00
Additional loan			16,992.00
Repayment of loan to bank	12,000.00
Ending Cash Balance	83,346.50	124,175.50	40,000.00
Loan Balance, end of month			16,992.00
Budgeted Income Statement
Zigby Manufacturing
Budgeted Income Statement
For the Quarter ended June 30, 2013
Sales		143,100.00
Cost of Goods Sold		1,191,000.00
Gross Profit		240,000.00
Operating Expenses	114,480.00
Sales Comminssions	9,000.00
Sales Salaries	36,000.00
General Admin Expenses	13,500.00
Long-Term Note Interest	120.00	173,100.00
Interest Expense		66,900.00
Income Before Taxes		23,415.00
Income Taxes		23,415.00
Net Income		43,485.00
Budgeted Balance Sheet
Zigby Manufacturing
Budgeted Balance Sheet
41,455.00
ASSETS
Cash		40,000.00
Accounts Receivable		333,900.00	Note 1
Raw Materials Inventory		80,000.00	Note 2
Finished Goods Inventory		325,540.00	Note 3
Total current assets		779,440.00
Equipment	730,000.00		Note 4
Less: accumulated depreciation	210,000.00	520,000.00	Note 5
Total Assets		1,299,440.00
LIABILITIES AND EQUITY
Accounts Payable		182,000.00	Note 6
Bank Loan Payable		16,752.00
Taxes Payable		23,415.00
Total current liabilities		222,167.00
Long-term note payable		500,000.00
Common stock	335,000.00
Retained Earnings	242,273.00
Total stockholders' equity		577,273.00
Total Liabilities and Equity		1,299,440.00

GIVEN THE ABOVE INFORMATION, CALCULATE THE FOLLOWING TABLES

Budgeted Statement of Retained Earnings

Zigby Manufacturing

Budgeted Statement of Retained Earnings

For the Quarter Ended June 30, 2013

Retained earnings - Beginning Balance

Add: Net Income

Less: Dividends

Retained earnings - Ending Balance

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Budgeted Statement of Cash Flows
Zigby Manufacturing
Budgeted Statement of Cash Flows
For the Quarter ended June 30, 2013