The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 99,000 500,250 101,000 402, 500 1,102,750 618,000 (159,000) 459,000 $1,561,750 $ 209,700 21,000 230,700 505,000 735,700 344,000 482,050 826,050 $1,561,750 To prepare a master budget for April, May, and June of 2019, management gathers the following information. a. Sales for March total 23,000 units. Forecasted sales in units are as follows: April, 23,000; May, 19,000; June, 18,800; and July, 23,000. Sales of 249,000 units are forecasted for the entire year. The product's selling price is $29.00 per unit and its total product cost is $25.00 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 5,050 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,500 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 70% of the next month's expected unit sales. The March 31 finished goods inventory is 16,100 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $24 per hour.

General and administrative expense budget. Factory overhead budget. (Round per unit values to 2 decimal places.) Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Calculation of Cash receipts from customers: \begin{tabular}{|c|c|c|c|c|} \hline & & April & May & June \\ \hline \multicolumn{5}{|c|}{ Total budgeted sales } \\ \hline Cash sales: & 25% & & & \\ \hline Sales on credit & 75% & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Total cash recoipts from customers } \\ \hline Current month's cash sales \\ \hline Collections of receivables & \\ \hline Total cash receipts & \\ \hline \end{tabular} Budgeted income statement for the entire second quarter (not for each month separately). (Round your fin nearest whole dollar.) Production budget. ZIGBY MANUFACTURING Raw Materials Budget April, May, and June 2019 \begin{tabular}{|l|l|l|l|} \hline Production budget (nits) & & & \\ \hline Materials needed for production & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ ZIGBY MANUFACTURING } \\ \hline \multicolumn{5}{|c|}{ Direct Labor Budget } \\ \hline \multicolumn{5}{|c|}{ April, May, and June 2019} \\ \hline & April & May & June & Total \\ \hline \multicolumn{5}{|l|}{ Budgeted production (units) } \\ \hline \\ \hline \multicolumn{5}{|l|}{ Total labor hours needed } \\ \hline & & & & 3 \\ \hline Budgeted direct labor cost & & & & \\ \hline \end{tabular} Selling expense budget. Complete this question by entering your answers in the tabs below. Sales budget. (Round Budgeted unit price to 2 decimal places.) \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ ZIGBY MANUFACTURING } \\ \hline \multicolumn{1}{|c|}{ June 30, 2019 } \\ \hline Assets & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total current assets & & \\ \hline & & \\ \hline Equipment, net & & \\ \hline Total assets & & \\ \hline Liabilities and Equity & & \\ \hline Liabilities & & \\ \hline & & \\ \hline Total & & \\ \hline Total current liabilities & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} The March 31 finished goods inventory is 16,100 units, which complies with the policy. 4. Each finished unit requtres 0.50 hours of direct labor at a rate of $24 per hour. 6. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.60 per direct labor hour. Depreciation of $24,320 per month is treated as fixed factory overhead. f. Saies representatives' commissions are 10% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3,900. 9. Monthly general and administrative expenses include $10,000 administrative salaries and 0.8% monthly interest on the long-torm note payable. h. The company expects 25% of sales to be for cash and the remaining 75% on credit. Recelvables are collected in full in the month following the sale (none are collected in the month of the sale) i. 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. 1. The minimum ending cash batance for all months is $1+0,000. 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 $19,000 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 purcheses of $139,000 are budgeted for the last doy of June. Required: Prepare the following budgets and other financial information as required. All budgets and other finanelal 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.): 1. Sales budget: 2. Production budget. 3. Raw materials budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Seling expense budget. 7. Generol and administrative expense budget B. Cash budget. 9. Budgeted income statement for the entire second quarter (not for each month separately) 10. Budqeted balance sheet. The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. To prepare a master budget for Apri, Moy, and June of 2019, management gathers the following information. a. Sales for March total 23,000 units. Forecasted sales in units are as follows: April, 23,000; May, 19,000; June, 18,800; and July. 23,000 . Soles of 249,000 units are forecosted for the entire year. The product's selling price is $29.00 per unit and its total product cost is $2500 per unit. b. Company policy calls for a given month's ending row materlals inventory to equal 50% of the next month's materials requirements. The March 31 row materials inventory is 5,050 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,500 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials. c. Company policy calls for o given month's ending finished goods inventory to equal 70% of the next month's expected unit soles. The March 31 finished poods inventory is 16,100 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $24 per hour