The management of Zigby Manufacturing prepared the following balance sheet for March 31 1 26 Assets Cash Accounts receivable ta materials inventory Finished soods inventory Equipment Lesst Accumulated depreciation TGBY MAHUT ACTURING Balance Sheet March 31 Llabilities and Equity 50.000 abilities 166,400 Accounts payable 14,200 Loan payable 368,000 Long term not payable Equity 451,800 Comstock Betained earnings $1,339,00 Total llabilities and equity $ 196,000 12.000 10.000 37. 3 002,000 151.000 336.000 295,000 31. 50.30 Total assets ette a. Sales for March total 23.000 units, Budgeted sales in units follow. April, 23,000; May, 15,300, June, 20,400; and July, 23,000. The product's selling price is $24.00 per unit and its total product cost is $20.00 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 4.210 pounds. The budgeted June 30 ending raw materials inventory is 4,100 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 18.400 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 $2.80 per direct labor hout . Depreciation of $21.523 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 $3.100. 9. Monthly general and administrative expenses include $13,000 for administrative salaries and 0,5% 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) 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 $50.000. If necessary, the company borows 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 $11,000 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. Required: for the months of April May, and June Budgeted income statement for entire second quarter (not monthly). (Round your final answers ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 $ Cash 68,850 342,720 Accounts receivable Gross loss Selling, general and administrative expenses 0 Total operating expenses $ 0 June 30 Assets $ 0 Total current assets Equipment, net Total assets Liabilities and Equity Liabilities Bank loan payable Total current liabilities Equity Total Equity