The management of Zigby Manufacturing prepared the following balance sheet for March 31.

ZIGBY MANUFACTURINGBalance SheetMarch 31Assets Liabilities and Equity Cash $ 96,000Liabilities Accounts receivable 826,560Accounts payable$ 482,400 Raw materials inventory 236,400Loan payable12,000 Finished goods inventory 781,296Long-term note payable1,200,000$ 1,694,400 Equipment$ 1,440,000 Equity Less: Accumulated depreciation360,0001,080,000Common stock804,000 Retained earnings521,8561,325,856 Total assets $ 3,020,256Total liabilities and equity $ 3,020,256

To prepare a master budget for April, May, and June, management gathers the following information.

1. Sales for March total 49,200 units. Budgeted sales in units follow: April, 49,200; May, 46,800; June, 48,000; and July, 49,200. The products selling price is $24.00 per unit and its total product cost is $19.85 per unit.
2. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given months ending materials inventory to equal 50% of the next months direct materials requirements. The March 31 raw materials inventory is 11,820 pounds. The budgeted June 30 ending raw materials inventory is 9,600 pounds. Each finished unit requires 0.50 pound of direct materials.
3. Company policy calls for a given months ending finished goods inventory to equal 80% of the next months budgeted unit sales. The March 31 finished goods inventory is 39,360 units.
4. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour.
5. The predetermined variable overhead rate is $2.70 per direct labor hour. Depreciation of $48,000 per month is the only fixed factory overhead item.
6. Sales commissions of 8% of sales are paid in the month of the sales. The sales managers monthly salary is $7,200.
7. Monthly general and administrative expenses include $28,800 for administrative salaries and 0.9% monthly interest on the long-term note payable.
8. 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).
9. 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).
10. The minimum ending cash balance for all months is $96,000. 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.
11. Dividends of $24,000 are budgeted to be declared and paid in May.
12. 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.
13. Equipment purchases of $240,000 are budgeted for the last day of June.

Required:

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.

Factory overhead budget. Note: Round variable overhead rate values to 2 decimal places. Direct labor budget. Note: Round per unit values to 2 decimal places. Direct materials budget. Note: Round per unit values to 2 decimal places. Budgeted balance sheet at June 30 . Production budget. Budgeted income statement for entire second quarter (not monthly). Nota. Round vour final anciuere tn the nearect whole dnllar Complete this question by entering your answers in the tabs below. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. En Do not leave cells blank. 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