Thank you just need help with number 8 i will give a good review

8) Using the revised budgets, complete the revised cash budget. Remember, Zigby Manufacturing will need to maintain the indicated minimum cash balance (given on connect) at the end of each month. Outstanding short-term notes require an interest payment of 1% at each month-end (before any repayment). Repayments of short-term notes payable balance will be made only to the extend the ending cash balance exceeds the minimum required. This table is completed similarly to the budget table in connect. ZIGBY MANUFACTURING Revised Cash Budget April May June Beginning cash balance Cash receipts from customers Total cash available Cash payments for: Raw materials Direct labor Variable overhead Sales commissions Sales salaries General & administrative salaries Dividends Loan interest Long-term note interes Purchases of equipment Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance Revised Loan balance: ST note payable April May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month ZIGBY MANUFACTURING Revised Cash Receipts from Customers April May June Current month's cash sales (from connect) 528,000.00 540,000.00 522,500.00 Current month's credit sales collected 156,000.00 162,00.00 156,750.00 (20% of current months credit sales) Previous month's credit sales collected 75,600.00 (80% of previous months sales) 72.800.00 73,150.00 Special order collected in June 291 200.00 302,400.00 Total cash receipts 748,800.00 1 068 800 1 054 800.00ZIGBY MANUFACTURING Estimated Payments for Raw Material Purchases April May June June 30 Accounts Payable March 31 Accounts Payable 169 040 42,260 April purchases 136,256 34,064 May Purchases 167 402 41 851 June Purchases 228,253 Total cash payments 169,040 178 516 201 466ZIGBY MANUFACTURING Estimated Balance Sheet March 31. 2019 Assets Cash $ 42,036 Accounts receivable 364,006 Raw materials inventory 167,286 Finished goods inventory 349,446 Total current assets 862,640 Equipment 604,006 Accumulated depreciation (152,086) Equipment, net 452,006 Total assets $1,314.540 Liabilities and Equity Accounts payable $ 211,386 Shortterm notes payable 14,006 Total current liabilities 225,386 Longterm note payable 510,086 Total liabilities 735,306 Common stock 337,006 Retained earnings 242,346 Total stockholders' equity 579,346 Total liabilities and equity $1,314,646 ZIGBY MANUFACTURING Change to smooth Production Budget April, May, and June 2019 April May June Total Budgeted ending inventory (calculate for 25,280 16,720 16.640 April, row 3 of connect for May and June) Budgeted units sales for month 20,800 43.200 20,900 Required units of available production 46,080 59,920 37,540 Beginning inventory (units) 16,640 25,280 16,720 Units to be produced during the month 29,440 34,640 20,820 84,900 LHUIC UCIOW. ZIGBY MANUFACTURING Sales Budget April, May, and June 2019 Original Budgeted Net Sales for Special Sales Dollars Order Revised Net Sales April 2019 520,000 520,000 May 2019 540,000 523,800 1,063,800 June 2019 522,500 522,500 Totals for the 2d quarter 1,582,500 2,106,300 ZIGBY MANUFACTURING Special Order Number of Units (equals May's units from connect 21,600 Sales Price per unit (from connect $25 Gross Sales Revenue (multiply) $540,000 Less Discount (3% of Gross Sales Revenue) $16,200 Net Sales for Special Order $523,800ZIGBY MANUFACTURING Revised Factory Overhead Budget April May June Total Labor hours needed 14,720 17,320 10,410 42,450 Variable factory overhead rate 13,000 13,000 13,000 39.000 Budgeted variable overhead 1,720 4,320 2,590 3,450 Budgeted fixed overhead $3 $3 $3 Budgeted total overhead 5,160 12,960 18,120 ZIGBY MANUFACTURING Revised Direct Labor Budget April May June Total Budgeted production (units) 29,440 36,640 20,820 84,900 Labor requirements per unit (hours) .50 50 .50 0.50 Total labor hours needed 14,720 17,320 10,410 42,450 Direct labor rate (per hour) $17 $17 $17 $17 Base direct labor cost 250,240 294,440 176,970 721,650 Wage premium (3xhours over 13,000) 5,160 12,960 18,120 Total Budgeted direct labor costs 255,400 307,400 176,970 739,770 ZIGBY MANUFACTURING Revised Raw Materials Budget April May June Total Production budget (units) 21,440 21,040 20,820 Materials requirements per unit 0.50 0.50 0.50 (unchanged from connect) Materials needed for production 10,720 10,520 10,410 Budgeted ending inventory 3,156 3,123 4,200 Total materials requirements (units) 13,876 13,643 14,610 Beginning inventory 5,360 3,156 3,123 Materials to be purchased 8,516 10,487 11,487 30,490 Material price per unit $20.00 $20.00 $20.00 $20.00 Raw Material purchases before Discount $170,320.00 $209,740.00 $229,740.00 $609,800.00 Discount (5% of purchases exceeding $487 10,000 lbs) $1,487.00 $1,974.00 Budgeted raw material purchases $170,320.00 $209,253.00 $228,253.00 $607,826.00 ZIGBY MANUFACTURING Change to smooth Production Budget April, May, and June 2019 April May June Total Budgeted ending inventory (calculate for 25,280 16,720 16,640 April, row 3 of connect for May and June Budgeted units sales for month 20,800 43,200 20,900 Required units of available production 46,080 59,920 37,540 Beginning inventory (units) 16,640 25,280 16,720 Units to be produced during the month 29,440 34,640 20,820 84,900a. Sales for March total 20,800 units. Forecasted sales in units are as follows: April, 20,800; May, 21,600; June, 20,900; and July, 20,800. Sales of 242,000 units are forecasted for the entire year. The product's selling price is $25.00 per unit and its total product cost is $21.00 per unit. b. Company policy calls for a given month's ending raw materials inventory to equal 50% ofthe next month's materials requirements. The March 31 raw materials inventory is 5,360 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,200 units. Raw materials cost $20 per unit. Each nished unit requires 0.50 units of raw materials. c. Company policy calls for a given month's ending nished goods inventory to equal 80% of the next month's expected unit sales. The March 31 finished goods inventory is 16,640 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $17 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.00 per direct labor hour. Depreciation of $21,100 per month is treated as fixed factory overhead. f. Sales representatives' commissions are 8% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3,200. 9. Monthly general and administrative expenses include $14,000 administrative salaries and 0.7% monthly interest on the longterm note payable. h. The company expects 30% of sales to be for cash and the remaining 70% on credit. Receivables are collected in full in the month following the sale (none are collected in the month of the sale). . All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases are fully paid in the next month. i. The minimum ending cash balance for all months is $42,000. If necessary, the company borrows enough cash using a shortterm note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance. k. Dividends of $12,000 are to be declared and paid in May. . No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter. m. Equipment purchases of $132,000 are budgeted for the last day of June