The management of Agby Manufacturing prepared the following balance sheet for March 31 BY HANFACTURING Balance Sheet Assets Liabilities and gaty Cash 118,000 Lite Accounts receivable 1,5M,248 Accounts payable waterials Inventory 451,300 Finished god ventry Longfors rote payable 12,000 $3,236,600 ment $2,750,000 Less: Aonlated dipreciation 600,00 Comstock Retained earnings 1,011,204 3,943.324 Total ass 15,798,824 Total liabilities and ty $5,788,824 To prepare a mester budget for Apr, May, and June, management gathers the following information Sales for March total 94.300 unts Budgeted sales in units follow: April 94,300, May, 89700, June, 92,000 and July 94,300 The product's selling price s $24.00 per unit and its total product cost is $19.95 per unit b. Rew 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 s onth's direct materals requirements. The March 311 steras inventory 22.655 pounds. The budgeted June 30 ending rais materais inventory is 18,400 pounds. Each finished unt 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 75,440 units d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour e. The predetermined variable overesd rate is $2.70 per direct labor hour Depreciation of $92.000 per month a the only fixed factory overhead hem. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is $13.800. 9. Monthly general and administrative expenses include $55,200 for administrative salaries and 0.9% 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 LAll raw materials purchases are on credit, and accounts payable are solely tied to raw materials purchases. Ran materials purchases are fully paid in the next month inone are paid in the month of purchase The minimum ending cash balance for all months is $184,000 if necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of that each month-end before any repayment the month-end preliminary cash balance exceeds the minimum, the excess will be used to repay any loens k. Dividends of $46,000 are budgeted to be declared and paid in May L 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 quentes m. Equipment purchases of $460,000 are budgeted for the last day of June Required: 1. Sales budget 2. Production budget 3. Direct materials budget 4 Direct labor budget 5. Factory overhead budget 6. Seling expense budget 7. General and administrative expense budget B. Schedule of cash receipts 9. Schedule of cash payments for direct materias 10, Cash budget 11. Budgeted inco 12. Budgeted balance sheet at June 30 Complete this question by entering your answers in the tabs below Sam Sudget DOUT MANUFACTURING Ses Bulges C