The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019

1. Sales for March total 20,000 units. Forecasted sales in units are as follows: April, 20,000; May, 19,000; June, 19,500; and July, 20,000. Sales of 245,000 units are forecasted for the entire year. The products selling price is $26.00 per unit and its total product cost is $22.80 per unit.
2. 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 4,800 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.
3. 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 16,000 units, which complies with the policy.
4. Each finished unit requires 0.50 hours of direct labor at a rate of $20 per hour.
5. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.20 per direct labor hour. Depreciation of $23,400 per month is treated as fixed factory overhead.
6. Sales representatives commissions are 6% of sales and are paid in the month of the sales. The sales managers monthly salary is $3,500.
7. Monthly general and administrative expenses include $17,000 administrative salaries and 0.9% monthly interest on the long-term note payable.
8. 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).
9. 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.
10. The minimum ending cash balance for all months is $45,000. 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.
11. Dividends of $15,000 are to be declared and paid in May.
12. No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 35% in the quarter and paid in the third calendar quarter.
13. Equipment purchases of $135,000 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.):

9. Budgeted income statement for the entire second quarter (not for each month separately). 10. Budgeted balance sheet.

ZIGBY MANUFACTURING Estimated Balance Sheet March 31 points 2019 Assets Cash 80,000 364,000 96, 000 364,800 904, 800 610, 000 (155, 000) Accounts receivable Raw materials inventory Finished goods inventory eBook Total current assets Equipment Accumulated depreciation Equipment, net Print 455, 000 $1,359, 800 Total assets Liabilities and Equity 195,500 17,000 212,500 Accounts payable Short-term notes payable Total current liabilities S10,000 722, 500 340, 000 297,300 637,300 Long-term note payable Total liabilities Common stock Retained earnings Total stockholders equity Total liabilities and equity$1,359, 800 and June of 2019. management gathers the fo To prepare a master budget for April, May foilowr: Anril 20.00 10 ZIGBY MANUFACTURING Budgeted Income Statement ok For Three Months Ended June 30, 2019 int Operating expenses Total operating expenses Required 10