The management of Zigby Manufacturing prepared the following balance sheet for March 37 . To prepare a master budget for April, May, and June. management gathers the following information. a. Sales for March fotal 102 500 units Budgeted sales in units follow Aprit, 102,500: Mry, 97,500; June, 100,000; and July, 102500 The products selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materlals inventory consists solely of direct mateitats 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 24,625 pounds. The budgeted June 30 ending raw materials inventory is 20,000 pounds. Each finksed unit requires 0.50 pound of direct matenals. c. Company pollcy 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 82,000 units. d. Each finished unit fequires 0.50 hour of direct labor at a rate of $15 per hour. e. The predetermined vartable overtiead rate is $270 per direct labor hour, Depreciation of $100,000 per month is the only fixed factary ovethead item. f. Sales commissians of 8% of sales are paid in the month of the sales. The sales manogers monthly salary is $15,000 9. Monthly general and administrative expenses include $60,000 for administrative salarles and 0.95 monthly interest on the long term note payable. a ros. Trin =+1 h. The company budgets 30% of sales to be for cast and the remaining 70% on credit, Credit sales aire collected in full in the mointh following the sale (no credit sales are collected in the month of sale) t. All raw materials purchases are on credit, and accounts payable are solely tied fo row materiats purchases, Raw inaterials purchases are fully pald in the next month (none ore pald in the month of purchase) 1. The minimum ending cash balance for all months is $200.000. If necessary, the-company borrows enough cash ustig a loan to reach the minimum. Loans tequire an interest payment of 18 at each month-end (before any repaymerit). If the month-end k. Dividends of $50,000 are budgeted to be declared and pald in May. 1. No cash payments for income toxes are budgeted in the second calendar quarter income tax wir be assessed at 35% in the quarter and budgeted to be paid in the thifd calendar quarter. m. Equipment purchases of $500,000 are budgeted for the last day of June Required: 1. Sales budqet 2. Production budget. 3. Direct materials budget 4. Direct labor budget. 5. Factory overthead budget: 6. Selling expensw budget. 7. General and administrative expense budpet 8. Schedule of cash receipts. 9. Sechedute of cash payments for direct materials: 10. Cash budgel. 11. Budgeted income stitentent for entire second quarter (not monthly). 12. Budgeted balance sheet at fune 30 . Complete this question by entering your answers in the tabs below. 8. Schedule of cash receipts: 9. Schiedute of cash payments for direct materials. 10. Cash budget. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus slgn. Enter $0 when applicable, Do not leave cells biank