The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY MANUFACTURING Balance Sheet March 31 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation Total assets $ 602,000 151,000 $50,000 Liabilities 386,400 84,200 368,000 451,000 Liabilities and Equity Accounts payable Loan payab Long-term note payable Equity Common stock Retained earnings $ 1,339,600 Total liabilities and equity $ 196,600 12,000 500,000 336,000 295,000 $ 708,600 631,000 $ 1,339,600

The management of Zigby Manufacturing prepared the following balance sheet for March 31 . 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 materiats inventory to equal 50% of the next month's direct materials requirements. The March 3t 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 $280 per direct labor hour. Depreciation of $21,523 per month is the only fixed factory overhead item. t. 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 row 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 550,000 . If necessary, the company borrows enough cash using a loan to reoch the minimum. Loans require an interest payment of th at each month-end (before ary 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 declored and paid in May 1. No cash payments for income taxes are budgeted in the second calendar quartef. 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 Jane. Required: 1. Sales budget. 2. Production budget 3. Direct materiais 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 mate.Jals. 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. A C Ghadille nf paeh rarainte