The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019.

ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019
Assets
Cash	$	46,000
Accounts receivable		386,925
Raw materials inventory		96,290
Finished goods inventory		327,831
Total current assets		857,046
Equipment		612,000
Accumulated depreciation		(156,000	)
Equipment, net		456,000
Total assets	$	1,313,046
Liabilities and Equity
Accounts payable	$	196,190
Short-term notes payable		18,000
Total current liabilities		214,190
Long-term note payable		506,000
Total liabilities		720,190
Common stock		341,000
Retained earnings		251,856
Total stockholders equity		592,856
Total liabilities and equity	$	1,313,046

To prepare a master budget for April, May, and June of 2019, management gathers the following information.

1. Sales for March total 20,100 units. Forecasted sales in units are as follows: April, 20,100; May, 18,900; June, 19,700; and July, 20,100. Sales of 246,000 units are forecasted for the entire year. The products selling price is $27.50 per unit and its total product cost is $23.30 per unit.
2. Company policy calls for a given months ending raw materials inventory to equal 50% of the next months materials requirements. The March 31 raw materials inventory is 4,815 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,600 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials.
3. Company policy calls for a given months ending finished goods inventory to equal 70% of the next months expected unit sales. The March 31 finished goods inventory is 14,070 units, which complies with the policy.
4. Each finished unit requires 0.50 hours of direct labor at a rate of $21 per hour.
5. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.00 per direct labor hour. Depreciation of $25,440 per month is treated as fixed factory overhead.
6. Sales representatives commissions are 6% of sales and are paid in the month of the sales. The sales managers monthly salary is $3,600.
7. Monthly general and administrative expenses include $18,000 administrative salaries and 0.5% monthly interest on the long-term note payable.
8. The company expects 30% of sales to be for cash and the remaining 70% on credit. Receivables are collected in full in the month following the sale (none are collected in the month of the sale).
9. All raw materials purchases are on credit, and no payables arise from any other transactions. One months raw materials purchases are fully paid in the next month.
10. The minimum ending cash balance for all months is $46,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance.
11. Dividends of $16,000 are to be declared and paid in May.
12. No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter.
13. Equipment purchases of $136,000 are budgeted for the last day of June.

Required: Prepare the following budgets and other financial information as required. All budgets and other financial information should be prepared for the second calendar quarter, except as otherwise noted below. (Round calculations up to the nearest whole dollar, except for the amount of cash sales, which should be rounded down to the nearest whole dollar.):

Selling expense budget. ZIGBY MANUFACTURING Selling Expense Budget April, May, and June 2019 April May June Budgeted sales Sales commissions General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April, May, and June 2019 April May June Total budgeted G&A expenses Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicate with minus sign.) May June Calculation of Cash receipts from customers: April Total budgeted sales Cash sales 30% Sales on credit 70% June Total cash receipts from customers April May Current month's cash sales Collections of receivables Total cash receipts ZIGBY MANUFACTURING Cash Budget April, May, and June 2019 April Beginning cash balance May June Total cash available Cash payments for: 0 0 Total cash payments Preliminary cash balance Ending cash balance May June Loan balance April Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month Budgeted income statement for the entire second quarter (not for each month separately). (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2019 Operating expenses Total operating expenses 0 0 $ 0 Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2019 Assets Total current assets $ 0 Equipment, net 0 Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity