The management of Zigby Manufacturing prepared the following balance sheet for March 31. To prepare a master budget for April, Moy, and June, management gathers the following information. 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 giver month's ending materials inventory to equal 50% of the next month's direct materials requirements. The March 31 raw materials inventory is 6,895 pounds. The budgeted June 30 ending raw materlals inventory is 5,600 pounds. Each finished unit requires 0.50 pound if dired materiale: 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 linehed goods imentory is 22,960 units. d. Each finished unit requires 0.50 hour of direct labor at a tate of $15 per hour. e. The predetermined variable overhead rate is $2.70 per direct lobor hour. Deprecotion of $28,000 per month is the only fored foctany oierhear item. 1. Sales commisslons of 8% of sales are paid in the month of the sales, The sales manager's monthily salary is $4,200. 9. Monthly genetat and administrative expenses include $16,800 for administrotive salarles and 0.95 monthly Interest on the long term note payabie h. The company budgets 3035 of sales to be for cash and the remaining 70% on credit, Credit sales are collected in full in the month following the sule (no credit sales are collected in the month of sale) 1. Al raw materials purchases are on credit and accounts payable are solely tied to raw materials purchases, Raw materials purchases are fuly pald in the next month (none are puid in the month of purchase) 1. The minimum ending cash balance for all months is $56,000. If necessary, the company borrows enough cash using a loan to tesch the minimum. Loans require an interest payment of 18 at each morth-end (before any repaymenth. if the month-end preliminary cash balance exceods the minimum, the excess will be used to repay any loans. 1. Alt 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). 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 wil be used to repoy any loans. W. Dhidends of $14,000 are budgeted to be dedared and paid in May. I. No cash poyments for income thxes aro budgoted th the second catendar quarter incorie tax will be assessed at 35% in the quarter and budgeted to be paid in the third calendar quarter. m. Equipment purchases of $140,000 are budgeted for the last day of June. Nequired: 1. Sales budget 2. Production budgot. 3. Direct materiats budget 4. Direct haborbudget. 5. Factory oveihead budget. 6. Seling expense budget. 7. Genemat and sdininistrotive expenso budget 8. Schedule of cosh recelpts. 9. Schedute of cash payments for direct materials. 10. Cosh budget. 11. Bubgeffed theome staternent for entire second quarter (not monthly). 12. Budgeted bolince sheet at June 30 . Complete this question by entering your anwwers in the tabs balow. 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. Direct materials budget. Note: Round per unit values to 2 decimal places. Complete this question by entering your answers in the tabs below. Direct labor budget. Note: Round per unit values to 2 decimal places. Complete this question by entering your answers in the tabs below. Factory overhead budget. Note: Round variable overt cad nate values to 2 decimal places. Complete this question by entering your answers in the tabs below. Selling expense budget. Complete this question by entering your answers in the tabs below. General and administrative expense budget. 8. Schedule of cash recelpts 10. Cash budget. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter so when applicable. Do not leave cells btank. Complete this question by entering your answers in the tabs below. Budgeted income statement for entire second quarter (not monthly). Note: Round your final answers to the nearest whole dollar: Budgeted balance sheet at June 30