The management of Zigby Manufacturing prepared the following balance sheet for March 31 5 844,200 12,000 2,100,000 ZIGBY MANUFACTURING Balance Sheet March 31 Assets Liabilities and Equity Cash $ 168,000 Liabilities Accounts receivable 1,446,480 Accounts payable Raw materials inventory 413,700 Loan payable Finished goods inventory 1,367, 268 Long-tern note payable Equipment $ 2,520,000 Equity Less: Accumulated depreciation 630,000 1.890.000 Connon stock Retained earnings Total assets 55,285,448 Total Habilities and equity To prepare a master budget for April May, and June, management gathers the following information: $ 2,956,200 1,407,000 922,248 2,329,248 $5,285,445 a Sales for March total 86,100 units Budgeted sales in units follow April. 86,100May, 81,900; June, 84,000, and July. 86.100. The product's selling price is $2400 per unit and its total product cost is $1985 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 20,685 pounds. The budgeted June 30 ending raw materials inventory is 16,800 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 68,880 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 $270 per direct labor hour. Depreciation of $84.000 per month is the only fixed factory overhead item 1. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is $12.600 9. Monthly general and administrative expenses include $50,400 for administrative salaries and 0.9% 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) All raw material purchases are on credit and accounts payable are solely tied to raw materials purchases. Raw materials purchases are fully paid in the next month inone are paid in the month of purchase) . The minimum ending cash balance for all months is $168,000. 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 $42.000 ore budgeted to be declared and paid in May I 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 quarten m Farhan menter for the lacune 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. 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 Production budget Reg 4 Total June 84,000 ZIGBY MANUFACTURING Production Budget April May Budgeted sales units 86.100 81,900 Calculation of desired ending inventory Next period budgeted sales units 81.900 84.000 Ratio of inventory to future sales 80% 8096 Add Desired ending inventory 68.880 Total required units Less Beginning inventory units 86.100 80% 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. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 folia 3 Reg 4 Reqs Reg 6 Reqz Reg 8 to 10 Red 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) ment purchases of $420,000 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. Complete this question by entering your answers in the tabs below. Reg 7 Reg 8 to 10 Reg 11 Reg 12 Reg 1 Reg 2 Reg 3 Reg 941 Reg 5 Req 6 Direct labor budget. (Round per unit values to 2 decimal places) ZIGBY MANUFACTURING Direct Labor Budget April May June Total Units to produce Direct labor hours needed 0 Cost of direct labor equired: 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. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 Rebs Reg 6 Req7 Reg 8 to 10 Reg 11 Reg 12 Factory overhead budget. (Round variable overhead rate values to 2 decimal places.) ZIGBY MANUFACTURING Factory Overhead Budget April May June Total Direct labor hours needed Variable overhead rate per direct labor hour Budgeted variable overhead Budgeted fixed overhead Budgeted total factory overhead 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, Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 Redo Reg 7 Reg 8 to 10 Reg 11 Req 12 Selling expense budget. ZIGBY MANUFACTURING Selling Expense Budget April May June Budgeted sales Sales commissions 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. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 5 Reg 11 Reg 4 Req 6 Reg 8 to 10 Req 12 Req? General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget May June April Total general and administrative expenses non 10 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials 10. Cash budget (Negative balances and Loan repayment amounts (if any) Nould be indicated with minus sign) ZBGY MANUFACTURING Schedule of Cash Receipts April May June $ 2008.400S 1.985,000 2,016,000 Sales Catch receipts from Cash sales Collections of prior period sales Total cash receipts 5 05 Os June 764,400 Schedule of Cash Payments for Direct Matertain April May Material purchase S 831 800 5 846,300 Cash payment for Current period purchases Prior porlod purchases Tash payments 5 OS OS Cash Budget Apr May June lleginning cash balance Total available Casaments for Telash payments Preliminary Leding Loen balance April May Uutie Lab Bengal Nadiran Land 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 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req 3 Reg 4 Reg 5 Reg 6 Reg 7 Req Budgeted income statement for entire second quarter (not monthly). (Round your final answ. ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 Selling, general and administrative expenses Total operating expenses 0 0 ZIGBY MANUFACTURING Budgeted Balance Sheet June 30 Assets Book 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 The management of Zigby Manufacturing prepared the following balance sheet for March 31 ZIGDY MANUFACTURING Balance Sheet March 31 Assets Liabilities and Equity Cash $ 168,000 Liabilities Accounts receivable 1,446,480 Accounts payable Raw materials inventory 413,700 Loan payable Finished goods Inventory 1,367, 268 Long tern note payable Equipment $ 2,520,000 Equity Less: Accumulated depreciation 630,000 1,890,000 Connon stock Retained earnings Total assets $5,285,445 Total 11abilities and equity To prepare a master budget for April, May, and June, management gathers the following information $ 144,200 12,000 2,100,000 $ 2,956,200 1,407,000 922,248 2,329,248 5:5,285440 Sales for March total 86,100 units. Budgeted sales in units follow. April, 86,100, May, 81900, June, 84,000; and July, 86,100. 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 materiais requirements. The March 31 raw materials inventory is 20,685 pounds The budgeted June 30 ending raw materials inventory is 16,800 pounds. Each fintshed 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 68,880 units d. Each finished unit requires 0.50 hour of direct laborat a rate of $15 per hour e. The predetermined vanable overhead rate is $2.70 per direct labor hour Depreciation of $84,000 per month as the only fixed factory overhead item 1. Sales commissions of 8% of sates are paid in the month of the sales. The sales manager's monthly salary is $12.600 9. Monthly general and administrative expenses include $50,400 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) J. The minimum ending cash balance for all months is $168.000. 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 $42.000 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 $420,000 are budgeted for the last day of June