The management of Zigby Manufacturing prepared the following balance sheet for March 31. Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation ZIGBY MANUFACTURING Balance Sheet March 31 Liabilities and Equity $ 58,000 Liabilities 440, 370 Accounts payable 91,300 Loan payable 393, 304 Long-term note payable Equity 468,000 Common stock Retained earnings $ 1,450,974 Total liabilities and equity $ 206,400 30,000 500,000 $ 736,400 $ 636,000 168,000 353,000 361,574 714,574 $ 1,450,974 Total assets To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 23,300 units. Budgeted sales in units follow: April, 23,300; May, 17,000; June, 21,900; and July, 23,300. The product's selling price is $27.00 per unit and its total product cost is $21.10 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 4,565 pounds. The budgeted June 30 ending raw materials inventory is 5,800 pounds. Each finished unit 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 18,640 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $14 per hour. e. The predetermined variable overhead rate is $4.50 per direct labor hour. Depreciation of $38,357 per month is the only fixed factory overhead item. f. Sales commissions of 10% of sales are paid in the month of the sales. The sales manager's monthly salary is $4,800. g. Monthly general and administrative expenses include $30,000 for administrative salaries and 0.8% 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 $58,000. 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 $28,000 are budgeted to be declared and paid in May. 1. 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 quarter. m. Equipment purchases of $100,000 are budgeted for the last day of June. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3 Req 4 Reg 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April May June Total general and administrative expenses og 1 142 3 Po 5 16 Blo10 Rug 11 Me 121 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Show less ZIBOY MANUFACTURING Bohedule of Cach Receipt April $ 529,100 May 450,000 $ June 591,300 Sales Cash receipts from Cash sales Collections of prior period sales Totalcash recipts $ 0 April June 231,100 Schedule of Cach Payments for Direct Material May Material purchases $ 196,900 5 219,700 5 Cash payments for Current period purchases Prior period purchases Total cash payments $ ols Cash Budget April May June Beginning cash balance Total cash available Less: Cash payments for Total cash payments Preliminary och blanc Ending cash balance Loan balance April May June Loan balance - Beginning of month Additional loan doon payment Loan balance - End of month $ Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 Req5 Reg 6 Reg 7 Req 8 to 10 Reg 11 Reg 12 Budgeted income statement for entire second quarter (not monthly). (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 Selling, general and administrative expenses Total operating expenses 0 0 $ 0 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 Req5 Reg 6 Reg 7 Reg 8 to 10 Req 11 Req 12 Budgeted balance sheet at June 30. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30 Assets Total current assets $ 0 Equipment, net 0 Total assets Liabilities and Equity Liabilities Bank loan payable 0 Total current liabilities Equity Total Equity Total Liabilities and Equity