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: a. Sales for March total 23,000 units. Budgeted sales in units follow: April, 23,000; May, 19,000; June, 18,800; and July, 23,000. The product's selling price is $29.00 per unit and its total product cost is $25.00 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 matentals inventory to equal 50% of the next month's direct materials requirements. The March 31 raw materials inventory 15.5.050 pounds. The budgeted June 30 ending raw materlals inventory is 4,500 pounds. Each finished unit requires 0.50 pound of direct materials. c. Company policy cals for a given month's ending finished goods inventory to equal 70% of the next month's budgeted unit sales. The March 31 finished goods inventory is 16,100 units. d. Each finished unit requtres 0.50 hour of direct labor at a rate of $24 per hour. e. The predetermined vartable overhead rate is $3.60 per direct labor hour. Depreclation of $24,320 per month is the onily fixed factory overhead item. f. Sales commissions of 10% of sales are pald in the month of the sales. The sales manager's monthly salary 15$3,900. 9. Monthly general and administrotive expenses include $10.000 for administrative salarles and 0.8% monthly interest on the longterm 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). L. All raw materials purchases are on credit, and accounts payable are solely ted to raw matertals purchases. Raw materials purchases are fully pald in the next month (none are paid in the month of purchase). J. The minimum ending cash balance for all months is $99,000. If necessary, the company borrows enough cosh using a loan to reach the minimum. Loans require an interest payment of 1% at each monthend (before any repayment). If the month.end prelimsnary cash baiance exceeds the minimum, the eycess will be used to repay any loans. k. Divdends of $19.000 are budgeted to be deciared and paid in May L. No cash poyments for income toxes 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. Equlpment purchases of $100,000 are budgeted for the last day of June Requlred: Prepare the following budgets for the months of April, May, and June: 1. Sales budget. 2. Production budget. 3. Direct materlals budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash recelpts. 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 . Sales budget. Production budget. Direct materials budget. (Round per unit values to 2 decimal places.) Direct labor budget. (Round per unit values to 2 decimal places.) Factory overhead budget. (Round variable overhead rate values to 2 df Selling expense budget. General and administrative expense budget. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Budgeted income statement for entire second quarter (not monthly). (Round your Ist whole dol