The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019 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 Sales budget. (Round Budgeted unit price to 2 decimal places.) ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash $ 43,000 Accounts receivable 432, 900 Raw materials inventory 86, 198 Finished goods inventory 387,168 Total current assets 949,266 Equipment 606,000 Accumulated depreciation (153,000) Equipment, net 453,000 Total assets $1,402,266 Liabilities and Equity Accounts payable $ 194,798 Short-term notes payable 15,000 Total current liabilities 209,798 Long-term note payable 500,000 Total liabilities 709, 798 Common stock 338,000 Retained earnings 354,468 Total stockholders' equity 692, 468 Total liabilities and equity$1,402,266 ZIGBY MANUFACTURING Sales Budget April, May, and June 2019 Budgeted Budgeted Budgeted Unit Sales Unit Price Sales Dollars April 2019 May 2019 June 2019 Totals for the second quarter Required 1 Required 2 > To prepare a master budget for April May, and June of 2019, management gathers the following information Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Production budget. Q. Sales for March total 22.200 units. Forecasted sales in units are as follows: April, 22 200: May16,000 June, 19.800; and July 22.200 Sales of 243,000 units are forecasted for the entire year. The product's selling price is $26.00 per unit and its total product cost is $21,80 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 4,310 units, which complies with the policy. The expected June 30 ending raw materials Inventory is 4,300 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 17,760 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $18 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 $25,134 per month is treated as fixed factory overhead. t. Sales representatives' commissions are 9% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3.300 9. Monthly general and administrative expenses include $15.000 administrative salaries and 0.6 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 inone 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 J. The minimum ending cash balance for all months is $50.000. i 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 nates payable balance k. Dividends of $13,000 are to be declared and paid in Mer I 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 $133,000 are budgeted for the last day of June ZIGBY MANUFACTURING Production Budget April, May, and June 2019 April May Next month's budgeted sales (units) 16,000 19,800 Ratio of inventory to future sales 80% 80% June 22,200 80% Required units of available production Jnits to be produced 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) 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. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Raw materials budget. (Round per unit values to 2 decimal places.) Factory overhead budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING ZIGBY MANUFACTURING Raw Materials Budget April, May, and June 2019 April May Factory Overhead Budget April, May, and June 2019 April May June Total June Labor hours needed Production budget (units) Materials needed for production Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead Total materials requirements (units) Materials to be purchased Material price per unit Budgeted raw material purchases Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Required 2 Required 4 > Selling expense budget. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 ZIGBY MANUFACTURING Selling Expense Budget April, May, and June 2019 April May Direct labor budget. (Round per unit values to 2 decimal places.) June Budgeted sales ZIGBY MANUFACTURING Direct Labor Budget April, May, and June 2019 April May Sales commissions June Total Budgeted production (units) Total labor hours needed Budgeted direct labor cost Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) Calculation of Cash receipts from customers: ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2019 April May June Assets Total budgeted sales Dash sales Sales on credit 25% 75% Total cash receipts from customers Total current assets Current month's cash sales Collections of receivables Total cash receipts Equipment, net Total assets Liabilities and Equity Liabilities ZIGBY MANUFACTURING Cash Budget April, May, and June 2019 Total current liabilities Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Stockholders' Equity Budgeted income statement for the entire second quarter (not for each month separately). (Round your final answers to the nearest whole dollar.) Total Stockholders' Equity Total Liabilities and Equity ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2019 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019 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 Sales budget. (Round Budgeted unit price to 2 decimal places.) ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash $ 43,000 Accounts receivable 432, 900 Raw materials inventory 86, 198 Finished goods inventory 387,168 Total current assets 949,266 Equipment 606,000 Accumulated depreciation (153,000) Equipment, net 453,000 Total assets $1,402,266 Liabilities and Equity Accounts payable $ 194,798 Short-term notes payable 15,000 Total current liabilities 209,798 Long-term note payable 500,000 Total liabilities 709, 798 Common stock 338,000 Retained earnings 354,468 Total stockholders' equity 692, 468 Total liabilities and equity$1,402,266 ZIGBY MANUFACTURING Sales Budget April, May, and June 2019 Budgeted Budgeted Budgeted Unit Sales Unit Price Sales Dollars April 2019 May 2019 June 2019 Totals for the second quarter Required 1 Required 2 > To prepare a master budget for April May, and June of 2019, management gathers the following information Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Production budget. Q. Sales for March total 22.200 units. Forecasted sales in units are as follows: April, 22 200: May16,000 June, 19.800; and July 22.200 Sales of 243,000 units are forecasted for the entire year. The product's selling price is $26.00 per unit and its total product cost is $21,80 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 4,310 units, which complies with the policy. The expected June 30 ending raw materials Inventory is 4,300 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 17,760 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $18 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 $25,134 per month is treated as fixed factory overhead. t. Sales representatives' commissions are 9% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3.300 9. Monthly general and administrative expenses include $15.000 administrative salaries and 0.6 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 inone 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 J. The minimum ending cash balance for all months is $50.000. i 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 nates payable balance k. Dividends of $13,000 are to be declared and paid in Mer I 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 $133,000 are budgeted for the last day of June ZIGBY MANUFACTURING Production Budget April, May, and June 2019 April May Next month's budgeted sales (units) 16,000 19,800 Ratio of inventory to future sales 80% 80% June 22,200 80% Required units of available production Jnits to be produced 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) 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. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Raw materials budget. (Round per unit values to 2 decimal places.) Factory overhead budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING ZIGBY MANUFACTURING Raw Materials Budget April, May, and June 2019 April May Factory Overhead Budget April, May, and June 2019 April May June Total June Labor hours needed Production budget (units) Materials needed for production Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead Total materials requirements (units) Materials to be purchased Material price per unit Budgeted raw material purchases Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Required 2 Required 4 > Selling expense budget. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 ZIGBY MANUFACTURING Selling Expense Budget April, May, and June 2019 April May Direct labor budget. (Round per unit values to 2 decimal places.) June Budgeted sales ZIGBY MANUFACTURING Direct Labor Budget April, May, and June 2019 April May Sales commissions June Total Budgeted production (units) Total labor hours needed Budgeted direct labor cost Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) Calculation of Cash receipts from customers: ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2019 April May June Assets Total budgeted sales Dash sales Sales on credit 25% 75% Total cash receipts from customers Total current assets Current month's cash sales Collections of receivables Total cash receipts Equipment, net Total assets Liabilities and Equity Liabilities ZIGBY MANUFACTURING Cash Budget April, May, and June 2019 Total current liabilities Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Stockholders' Equity Budgeted income statement for the entire second quarter (not for each month separately). (Round your final answers to the nearest whole dollar.) Total Stockholders' Equity Total Liabilities and Equity ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2019
