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.

$$A$.$ Sales for March total $82,000$ units. Budgeted sales in units follow: April, $82,000$; May, $78,000$; June, $80,000$; and July, $82,000.$ The product's selling price is $$24\mathrm{.}00$ per unit and its total product cost is $$19\mathrm{.}85$ 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 $19,700$ pounds. The budgeted June $30$ ending raw materials inventory is $16,000$ pounds. Each finished unit requires $0\mathrm{.}50$ 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 $65,600$ units.

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

E$.$ The predetermined variable overhead rate is $$2\mathrm{.}70$ per direct labor hour. Depreciation of $$80,000$ 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 $$12,000.$

G$.$ Monthly general and administrative expenses include $$48,000$ 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 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$).$

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 $$160,000.$ 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 $$40,000$ 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 pudgeted to be paid in the third calendar quarter.

M$.$ Equipment purchases of $$400,000$ 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

$6.$ 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 second quarter $($not monthly$)$

$12.$ Budget balance at June $30$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.

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