The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015:

ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2015
Assets
Cash	$	65,000
Accounts receivable		434,850
Raw materials inventory		87,505
Finished goods inventory		374,640
Total current assets		961,995
Equipment, gross		624,000
Accumulated depreciation		(162,000)
Equipment, net		462,000
Total assets	$	1,423,995
Liabilities and Equity
Accounts payable		199,405
Short-term notes payable		24,000
Total current liabilities	$	223,405
Long-term note payable		520,000
Total liabilities		743,405
Common stock		347,000
Retained earnings		333,590
Total stockholders equity		680,590
Total liabilities and equity	$	1,423,995

To prepare a master budget for April, May, and June of 2015, management gathers the following information.

a.	Sales for March total 22,300 units. Forecasted sales in units are as follows: April, 22,300; May, 16,300; June, 22,700; July, 22,300. Sales of 252,000 units are forecasted for the entire year. The products selling price is $26.00 per unit and its total product cost is $21.00 per unit.
b.	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 4,375 units, which complies with the policy. The expected June 30 ending raw materials inventory is 5,200 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 months expected unit sales. The March 31 finished goods inventory is 17,840 units, which complies with the policy.
d.	Each finished unit requires 0.50 hours of direct labor at a rate of $15 per hour.
e.	Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.90 per direct labor hour. Depreciation of $31,670 per month is treated as fixed factory overhead.
f.	Sales representatives commissions are 10% of sales and are paid in the month of the sales. The sales managers monthly salary is $4,200.
g.	Monthly general and administrative expenses include $24,000 administrative salaries and 0.9% monthly interest on the long-term note payable.
h.	The company expects 25% of sales to be for cash and the remaining 75% on credit. Receivables are collected in full in the month following the sale (none is collected in the month of the sale).
i.	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.
J.	The minimum ending cash balance for all months is $62,000. 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 $22,000 are to be declared and paid in May.

l.	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 $142,000 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: