The management of Zigby Manufacturing prepared the following balance sheet for March 31 . To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 22,200 units. Budgeted sales In units follow: April, 22,200; May, 16,000; June, 19,800; and July, 22,200. The product's selling price is $26.00 per unit and its total product cost is $21.80 per unlt. 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 4,310 pounds. The budgeted June 30 ending raw materlals Inventory is 4,300 pounds. Each finished unit requires 0.50 pound of direct materlals. 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 17,760 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $18 per hour. e. The predetermined varlable overhead rate is $3.00 per direct labor hour. Depreciation of $25,133 per month is the only fixed factory overhead item. f. Sales commissions of 9% of sales are paid in the month of the sales. The sales manager's monthly salary Is $3,300. g. Monthly general and admInIstratlve expenses Include $15,000 for admInIstratlve salarles and 0.6% monthly interest on the longterm note payable. h. The company budgets 30% of sales to be for cash and the remaining 70% on credlt. Credlt 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 credlt, 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 minimum ending cash balance for all months is $43,000. 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 $13,000 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 $100,000 are budgeted for the last day of June. Requlred: Prepare the following budgets for the months of April, May, and June: Requlred: Prepare the following budgets for the months of Aprill, May, and June: 1. Sales budget 2. Production budget. 3. Drect materlals budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash recelpts. 9. Schedule of cash payments for direct materlals. 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 below. Sales budget