The management of Zigby Manufactuting prepared the foliowing balance sheet for March 31 To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 25,000 units. Budgeted sales in units follow Apri, 25,000; May, 16,300; June, 21,100; and July, 25,000 The product's selling price is $26.00 per unit and its total product cost is $22.20 per unit b. Raw materials inventory consists solely of direct moterials that cost $20 per pound. Company policy calis for a given monthis ending materials inventory to equal 50% of the next month's direct materials requirements. The March 31 raw materials inventory is 4.510 pounds. The budgeted June 30 ending row materials inventory is 4,400 pounds. Each finshed unit requires 0.50 pound of direct materials c. Company pollcy colis for a given month's ending finished goods inventory to equal 80 s of the next month's budgeted unit sales. The March 31 finlshed goods inventory is 20,000 units d. Each finished unit requires 0,50 hour of direct labor at a rate of $19 per hout. e. The predetermined variable overhead rate is $3.10 per direct labor hour. Depreciation of $23,920 per month is the only fixed factory overhead item f. Sales commissions of 6% of sales are paid in the month of the sales. The sales manager's monthly salary is $3,400. g. Monthly general and administrative expenses include $16,000 for administrative salaries and 0.8% monthly interest on the longterm note payable. h. The company budgets 30% of sales to be for cash and the remaining 70% on credit. Credit sales are collected in full in the month following the sale (no credit sales are collected in the month of sale), 1. All raw materials purchases are on credit, and accounts payable are solely tied to raw materials purchases. Raw materiais purchases are fully paid in the next month (none are paid in the month of purchase) j. The minimum ending cash balance for all months is $44,000. If necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of 1% at each month-end (before any repayment). If the month-end preliminary cash balance exceeds the minimum, the excess will be used to repay any loans. k. Dividends of $14,000 ate budgeted to be declared and paid in May 1. No cash payments for income taxes are budgeted in the second calendar quarter income tax will be assessed at 35% in the quarter and budgeted to be paid in the third calendar quarter m. Equipment purchases of $100,000 are budgeted for the last day of June. Required: Prepare the following budgets for the months of Aprill. May, and June: 1. Soles budget 2. Production budget. 3. Direct materials budget. 4. Direct labor budget. 5. Factory overhead budget 6. Selling expense budget. 8. Schedule of cash recelpts 9. Schedule of cash payments for direct materials. 10. Cash budget. 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30 . Complete this question by entering your answers in the tabs below. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Deynumy Ladi valaive Audgeted income statement for entire second quarter (not morthly). (Round vour tha answen ts the meacmit whilu dowa. Budgeted balance sheet at June 30. (Round your final answers to the nearest whole doliar.) The management of Zigby Manufacturing prepared the following balance sheet for March 31 . To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 25,000 units. Budgeted sales in units follow: April, 25,000; May, 16,300; June, 21,100; and July, 25,000. The product's selling price is $26.00 per unit and its total product cost is $22.20 per unit. b. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given month's ending materlals inventory to equal 50% of the next month's direct materials requirements. The March 31 raw materials inventory is 4,510 pounds. The budgeted June 30 ending raw materials inventory is 4,400 pounds. Each finished unit requires 0.50 pound of direct materials. c. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's budgeted unit sales, The March 31 finished goods inventory is 20.000 units d. Each finished unit requires 0.50 hour of direct labor at a rate of $19 per hour. d. Each finished unit requires 0.50 hour of direct labor at a rate of $19 per hour. o. The predetermined variable overhead rate is $3.10 per direct labor hour. Depreciation of $23,920 per month is the only fixed factory overheaditem f. Sales commissions of 6% of sales are paid in the month of the sales. The sales manager's monthly salary is $3,400, g. Monthly general and administrative expenses include $16,000 for administrative salaries and 0.8% monthly interest on the longterm note payable. h. The company budgets 30% of sales to be for cash and the remaining 70% on credi. Credit sales are collecteci in full in the month following the sale (no credit sales are collected in the month of sale) i. All raw materials purchases are on credit, and accounts payable are solely tled to raw materials purchases, Raw materials purchases are fully pald in the next month: (none ore paid in the month of purchase). J. The minimum ending cash balance for all months is 544,000 . If necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an Interest payment of tho at each month-end (before any repoyment). If the month-end preliminary cash balance exceeds the minimum, the excess will be used to repay any loans. k. Dividends of $14,000 are budgeted to be declared and poid in Moy. 1. No cash payments for income toxes are budgeted in the second calendar quarter. lncome tax will be assessed at 35% in the quarter and budgeted to be paid in the third calendar quarter m. Equipment purchases of $100,000 ore budgeted for the last day of June. Required: Prepare the following budgets for the months of April, May, and Junte: 1. Sales budget. 2. Production budget. 3. Direct materials budget. 4. Direct labor budget 5. Factory overhead budget 6. Selling expense budget. 7. General and administrative expense budget 8. Schedule of cash recelpts. 9. Schedule of cash payments for direct materials. 10. Cash budget. 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30 . Complete this question by entering your answers in the tabs below. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus aign.) 9. Schedule of cash payments for direct materials. 10. Cash budget. 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30 . Complete this question by entering your answers in the tabs below. Budgeted balance sheet at June 30. (Round your final answers to the nearest whole dollar.)