The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY UNUTMCTURING Balance Sheet March 31 Assets Liabilities and Equity Cau 5 65,000 Libilities Accounts receivable 421,670 Accounts payable Raw materials inventory 87.500 Loan payable Finished goods inventory 374,640 Long-term note payable Equipment 5.624.000 Equity Less Accumulated depreciation 162,000 462.000 Common stock Retained earning Total assets $ 1.410,610 Total liabilities and equity To prepare a master budget for April, May, and June, management gathers the following information $199.00 24,000 500,000 $ 723.00 347.000 360,210 687.210 51.410,610 a. Sales for March total 22.300 units Budgeted sales in units follow. April, 22.300; May. 16.300 June, 22.700; and July, 22,300. The product's selling price is $27.00 per unit and its total product cost is $21.00 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 4.375 pounds. The budgeted June 30 ending raw materials inventory is 5.200 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 unt sales. The March 31 finished goods inventory is 17,840 units d. Each finished unit requires 0.50 hour of direct laborat a rate of $15 per hour e. The predetermined variable overhead rate is $3.90 per direct labor hour. Depreciation of $31672 per month is the only fixed factory overhead Item 1. Sales commissions of 10% of sales are paid in the month of the sales. The sales manager's monthly salary is $4200. 9. Monthly general and administrative expenses include $24,000 for administrative salaries and 0.9% monthly interest on the long- term note payable n. 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) 1. 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). The minimum ending cash balance for all months is $65,000. 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 $22,000 are budgeted to be declared and paid in May 1. No cash payments for income taxes are budgeted in the second calendar quartet 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. Required: Prepare the following budgets for the months of April, May, and June 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 entire second quarter (not monthly 12. Budgeted balance sheet at June 30 Reg 1 Reg 2 Reg 3 Reg 4 Req5 Reg 6 Reg 7 Reg 8 to 10 Reg 11 Reg 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 Equipment, net Total assets Liabilities and Equity Liabilities Bank loan payable Total current liabilities Equity Total Equity Total Liabilities and Equity Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 Reg 8 to 10 Reg 11 Reg 12 Raw materials budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Materials Budget April May June Units to produce Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases