The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. IGRY MANUFACTURING Eutinated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current aspete Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-tem note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 56,000 341,250 14,200 337,680 819, 130 632,000 266,000) 466,000 $1,285,130 $ 189,800 28,000 217,800 516,000 733,00 351,000 200 330 551,330 $1,285,130 To prepare a master budget for April, May, and June of 2019. management gathers the following information. a. Sales for March total 21,000 units. Forecasted sales in units are as follows: April, 21,000; May 15,800; June, 21,600; and July 21,000. Sales of 256,000 units are forecasted for the entire year. The product's selling price is $25.00 per unit and its total product cost is $20.10 per unit. b. Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements. The March 31 raw materials inventory is 4.210 units, which complies with the policy. The expected June 30 ending raw materials inventory is 5,600 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials. C. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's expected unit sales. The March 31 finished goods inventory is 16,800 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $12 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $4.30 per direct labor hour. Depreciation of $37.960 per month is treated as fixed factory overhead, t. Sales representatives' commissions are 7% of sales and are paid in the month of the sales. The sales manager's monthly salary is $4,600. 9. Monthly general and administrative expenses include $28,000 administrative salaries and 0.5% monthly interest on the long-term note payable. h. The company expects 35% of sales to be for cash and the remaining 65% on credit Receivables are collected in full in the month following the sale (none are collected in the month of the sale). 1. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases are fully paid in the next month. J. The minimum ending cash balance for all months is $56,000. 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. k. Dividends of $26,000 are to be declared and paid in May. 1. 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. m. Equipment purchases of $146,000 are budgeted for the last day of June. 1. Sales budget. 2. Production budget. 3. Raw materials budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Cash budget. 9. Budgeted income statement for the entire second quarter (not for each month separately). 10. Budgeted balance sheet. Complete this question by entering your answers in the tabs below. Required 8 Required 9 Required 10 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Factory overhead budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Factory Overhead Budget April, May, and June 2019 April May June Total Labor hours needed Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead 1. Sales budget 2. Production budget. 3. Raw materials budget. 4. Direct labor budget. 5. Factory overhead budget 6. Selling expense budget. 7. General and administrative expense budget. 8. Cash budget 9. Budgeted income statement for the entire second quarter (not for each month separately). 10. Budgeted balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Selling expense budget. ZIOHY MANUFACTURING Selling Expense Budget April, May, and June 2010 April May June Budgeted sales Salps commissions Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required & Required 9 Required 10 Cash budget. (Negative balances and Loan repayment amounts if any) should be indicated with minus sian.) Calculation of Cash receipts from customers April May June 35% Total budgeted sales Cash sales Sales on crede Total cash receipts from customers April June Current monter's cash sales Collections of receivables Total cash receipts ZORY MANUFACTURINO Cash Budget April, May and June 2013 May June Beginning cash balance Total cash available Cash payments for Totalcash payment Preliminary cash once Ending chance LeanceBegin mo Additional loan CR7 1. Sales budget 2. Production budget. 3. Raw materials budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Cash budget. 9. Budgeted Income statement for the entire second quarter (not for each month separately). 10. Budgeted balance sheet. Complete this question by entering your answers in the tabs below. Required 5 Required 6 Required 7 Required 8 Required 1 Required 2 Required 3 Required 4 Required 9 Required 10 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 0 Total operating expenses 0 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2019 Assets $ 0 Total current assets 0 Equipment, net Total assets Liabilities and Equity Liabilities 5 Total current liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity