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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 $ 56,000 Liabilities 382,200 Accounts payable 84,200 Loan payable 337,680 Long-term note payable Equity 466,000 Common stock Retained earnings $ 1,326,080 Total liabilities and equity $ 189,800 28,000 500,000 $ 717,800 $ 632,000 166,000 351,000 257,280 608, 280 $ 1,326,080 Total assets To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 21,000 units. Budgeted sales in units follow: April, 21,000; May, 15,800: June, 21,600, and July, 21,000. The product's selling price is $26.00 per unit and its total product cost is $2010 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 50% of the next month's direct materials requirements. The March 31 raw materials inventory is 4.210 pounds. The budgeted June 30 ending raw materials inventory is 5.600 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 16,800 units d. Each finished unit requires 0.50 hour of direct labor at a rate of $12 per hour e. The predetermined variable overhead rate is $4.30 per direct labor hour. Depreciation of $37,960 per month is the only fixed factory overhead item. f. Sales commissions of 7% of sales are paid in the month of the sales. The sales manager's monthly salary is $4.500. g. Monthly general and administrative expenses include $28,000 for administrative salaries and 0.5% 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) 1. 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). J. The minimum ending cash balance for all months is $56,000. 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 $26,000 are budgeted to be declared and paid in May. 1. 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 $100,000 are budgeted for the last day of June. Required: Prepare the following budgets for the months of April, May, and June: 1. Sales budget 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. Complete this question by entering your answers in the tabs belo Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 Reg 6 Sales budget. ZIGBY MANUFACTURING sales Budgets April May 21,000 $ 15,800 June $ 21,000 Budgeted sales units Selling price per unit Total budgeted sales $ 26.00 $ 26.00 $ 26.00 $ 546.000 $ 410,800 S 546,000 Req Req 1 Reg 2 Req 3 Reg 4 Req 5 Reg 6 Reg 7 Reg 8 to 10 Req Production budget. ZIGBY MANUFACTURING Production Budget April 21,000 Total May 15,800 June 21,600 15,800 21,600 21,000 80% 80% 80% Budgeted sales units Calculation of desired ending inventory Next period budgeted sales units Ratio of inventory to future sales Add: Desired ending inventory Total required units Less: Beginning inventory units Units to produce 12,640 17,280 16,800 33,080 38,400 33,640 16,800 16,840 12,640 17,280 20,440 21,120 58,400 Reg 1 Reg 2 Reg 3 Req 4 Reg 5 Reg 6 Req 7 Req 8 to 10 Reg 1 Raw materials budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Materials Budget April May June Total Units to produce 16,840 20,440 21,120 0.50 0.50 0.50 Materials requirements per unit (pounds) Materials needed for production (pounds) Add: Desired ending inventory 8,420 10,220 10,560 5,110 5,280 5,600 Total materials required (pounds) 13,530 15,500 16,160 4,210 5,110 5,280 9,320 10,390 10,880 30,590 Less: Beginning materials inventory Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases $ 20 $ 20 $ 20 $ 20 $ 186,400 $ 207,800 $ 217,600 $ 611,800 Reg 1 Reg 2 Req 3 Reg 4 Req 5 Reg 6 Reg 7 Reg 8 to 10 Direct labor budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Labor Budget April May June Total 16,840 20,440 21,120 Units to produce Direct labor hours required per unit 0.50 0.50 0.501 Direct labor hours needed 8,420 10.560 29,200 10,220 127 $ Direct labor cost per hour $ 12 $ 12 $ 12 Cost of direct labor $ 101,040 $ 122,640 $ 126,720 $ 350.400 Reg 1 Reg 2 Reg 3 Req 4 Reg 5 Req 6 Reg 7 Req 8 to 10 Reg 11 Factory overhead budget. (Round variable overhead rate values to 2 decimal places.) ZIGBY MANUFACTURING Total June 10,560 Direct labor hours needed Factory Overhead Budget April May 8,420 10,220 $ 4.30 $ 4.30 $ 36,206 $ 43,946 $ 4.30 $ 45,408 $ 125,560 Variable overhead rate per direct labor hour Budgeted variable overhead Budgeted fixed overhead Budgeted total factory overhead 37,960 37,960 37,960 113,880 $ 74,166 $ 81,906 $ 83,368 $ 239,440 Req 1 Reg 2 Reg 3 Reg 4 Req 5 Req 6 Req 7 Reg 8 to 10 Selling expense budget. ZIGBY MANUFACTURING Selling Expense Budget April May $ 546,000 $ 410,800 7% 7% June Total $ 546,000 Budgeted sales Sales commission percent 7% Sales commissions $ 28,756 $ 38,220 $ 38,220 $ 4,600 105,196 13,800 Sales salaries 4,600 4,600 Total selling expenses $ 42,820 $ 33,356 $ 42,820 $ 118,996 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 Reg 8 to 10 Req 11 General and administrative expense budget. May June Total ZIGBY MANUFACTURING General and Administrative Expense Budget April Administrative salaries $ 28,000 $ 28,000 Interest on long-term note 2,500 2,500 Total general and administrative expenses $ 30,500 $ 30,500 $ 28,000 $ 84,000 2,500 30,500 7,500 91,500 $ $ ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 Selling, general and administrative expenses 0 Total operating expenses $ 0