The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: 1 ZIGNY MUFACTUELT Estimated balance Sheet March 31, 2017 Assets Cash Accounts receivable materials Inventory Finished roods inventory Total current assets Equipment, ross Accumulated depreciation Equipment, net Tatal assets Liabilities and Equity Accounts payable Short-ters hotes payable Total current liabilities Long-tern note payable Total liabilities Comstock Retained earnings Total stockholders' equity Total liabilities and equity + A2,000 166,000 107,200 349440 362,00 604,00 (152.000) 452,000 $ 1,314,640 $ 211,300 16,000 225,00 $10,000 735,300 337,000 2420 579, 140 $1,314,640 To prepare a master budget for April, May, and June of 2017 management gathers the following information a Sales for March total 20,800 units. Forecasted sales in units are as follows: April, 20,800: May, 21600 June, 20,900, and July 20,800, Sales of 242.000 units are forecasted for the entire year. The product's selling price is $25.00 per unit and its total product cost is $21.00 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 5,360 units, which complies with the policy. The expected June 30 ending raw materials To prepare a master budget for April, May, and June 2017, management gathers the following information 1 a. Sales for March total 20,800 units Forecasted sales in units are as follows: April, 20,800; May, 21600: June 20.900; and July 20.800. Sales of 242.000 units are forecasted for the entire year. The product's selling price is $25.00 per unit and its total product cost is $2100 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 5,360 units, which complies with the policy. The expected June 30 ending raw materials Inventory is 1.200 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials c. Company policy calls for a given months ending finished goods inventory to equal 80% of the next month's expected unit salers. The March 31 finished goods Inventory is 16,640 units, which complies with the policy d. Each finished unit requires 0.50 hours of direct laborat a rate of $17 per hour e Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.00 per direct labor hour, Depreciation of $21,100 per month is treated as fixed factory overhead 1. Sales representatives commissions are 8% of sales and are paid in the month of the soles. The sales manager's monthly salary is $3200 9. Monthly general and administrative expenses include $14,000 administrative states and 0.7% monthly interest on the long-term note payable h. 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) L. All raw materials purchases are on credit, and no payables are from any other transactions. One month's raw materials purchases are fully paid in the next month 3. The minimum ending cash balance for all months is $42.000. 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 noters payable balance. k. Dividends of $12.000 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 pold in the third calendar quarter m. Equipment purchases of $132.000 are budgeted for the last day of June, 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, 1 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 Required 6 Required 7 Required 8 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, 2017 Operating expenses 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, 2017 Operating expenses Total operating expenses 0 S 0 ZIGET MANUFACTURING Budgeted Balance Sheet June 30, 2017 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