The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY MANUFACTURING Balance Sheet March 31 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation Total assets $ 960,000 240,000 $ 64,000 Liabilities 551,040 157,600 520,864 Liabilities and Equity 720,000 Accounts payable Loan payable Long-term note payable Equity Common stock Retained earnings $ 2,013,504 Total liabilities and equity $ 321,600 12,000 800,000 536,000 343,904 $ 1,133,600 - 879,904 $ 2,013,504 To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 32,800 units. Budgeted sales in units follow: April, 32,800; May, 31,200; June, 32,000; and July, 32,800. The product's selling price is $24.00 per unit and its total product cost is $19.85 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 7,880 pounds. The budgeted June 30 ending raw materials inventory is 6,400 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 26,240 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour. e. The predetermined variable overhead rate is $2.70 per direct labor hour. Depreciation of $32,000 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 $4,800. a. Monthly general and administrative expenses include $19.200 for administrative salaries and 0.9% monthly interest on the long-

Complete this question by entering your answers in the tabs below. Selling expense budget. Direct labor budget. Note: Round per unit values to 2 decimal places. 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. 7. Sales for March total 32,800 units. Gudgeted sales in units follow; Apri, 32,800; May, 31,200; June, 32,000; and July, 32,800. The product's selling price is $24,00 per unit and its total product cost is $19.85 per unit. b. Row 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 materiais inventory is 7,880 pounds. The budgeted June 30 ending raw materials inventary is 6.400 pounds. Fach finlshed 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 26,240 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour. e. The predetermined variable overhead rate is $2.70 per direct labor hour. Depreciation of $32,000 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 $4,800. a. Monthly ceneral and administrative expenses include $19.200 for administrative salaries and 0.9% monthlv interest on the iono- Direct materials budget. Note: Round per unit values to 2 decimal places. 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. General and administrative expense budget. 1. Sales budget. 2. Production buciget. 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 . Complete this question by entering your answers in the tabs below. Sales budget. Complete this question by entering your answers in the tabs below. Production budget. Complete this question by entering your answers in the tabs below. Factory overhead budget. Note: Round variable overhead rate values to 2 decimal places. \begin{tabular}{|l|l|l|l|} \hline & & & \\ \hline Total cash payments & & & \\ \hline Preliminary cash balance & & & \\ \hline Ending cash balance & & & \\ \hline Loan balance - Beginning of month & & & \\ \hline Additional loan (loan repayment) & & & \\ \hline Loan balance - End of month & & & \\ \hline \end{tabular}