The management of Zigby Manufacturing prepared the following balance sheet for March $31.$

$\backslash$table$[[$Assets$,\backslash$table$[[$ZIGBY MANUFACTURING$],[$Balance Sheet$],[$March $31]],,],[,$Liabilities and,Equity,,$],[$Cash$,,$$$120,000,$Liabilities,,,$],[$Accounts receivable,,$1,033,200,$Accounts payable,,$$603,000,],[$Raw materials inventory,,$295,500,$Loan payable,,$12,000,],[$Finished goods inventory,,$976,620,$Long$-$term note payable,,$1,500,000,$$$2,115,000$

d$.$ Each finished unit requires $0\mathrm{.}50$ hour of direct labor at a rate of $$15$ per hour.

e$.$ The predetermined vartable overhead rate is $$270$ per direct labor hour. Depreciation of $$60,000$ per month is the only fixed factory overhead item.

f$.$ Sales commissions of $8\%$ of sales are paid in the month of the sales. The sales manager's monthly salary is $$9,000.$

g$.$ Monthly general and administrative expenses include $$36,000$ for administrative salaries and $0\mathrm{.}9\%$ monthly interest on the long term note payable.

h$.$ The company budgets $30\%$ of sales to be for cach and the remaining $70\%$ on credit Credit sales are collected in full in the mon following the sale $($no credit sales are collected in the month of sale$).$

i$.$ 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 $$120,000.$ If necessary, the company borrows enough cash using a loan to reach the mintmum. Loans requtre 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 $$30,000$ are budgeted to be declared and paid in May.

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 patd in the thited calendar quarter.

$m.$ Equipment purchases of $$300,000$ are budgeted for the last day of June.

$\backslash$table$[[\backslash$table$[[$ZIGBY MANUFACTLRING$],[$Balance Sheet$],[$Mareh at$]]],[,,,$Llabilities and,Equity,,,$],[$Cash$,,$$$120,000,$Liabllities,,,,$],[$Accounts recelvable,,$1,033,260,$Accounts payable,,$$603,800,,],[$Raw materials inventory,,$295,500,$Loan payable,,$12,600,,],[$Finished goods inventory,,$976,620,$Long$-$term note payable,,$1,500,600,$$$,2,115,000$