The manogement of Zigby Manufacturing prepared the following estimated balonce sheet for March, 2015 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2015 Cash Accounts receivable Raw materials inventory Finished goods inventory $ 50,000 434,240 84,210 368,000 Total current ossets Equipment, gross 936,450 602,000 (151,000) Equipment, net 451,000 Total assets $ 1,387450 Liabilities and Equity Accounts payable Short-term notes payable 196,610 12,000 Total current liabilities Long-term note payable $ 208,610 505,000 Total liabilities Common stock Retained earnings 713,610 336,000 337840 Total stockholders' equity 673,840 Total liabilities and equity $ 1,387450 To prepare a moster budget for April, May, and June of 2015, management gothers the following information. a. Sales for March total 23,000 units. Forecasted sales in units are as follows: April, 23,000; May, 15,300; June, 20,400; July, 23,000. Sales of 241,000 units are forecasted for the entire year. The product's selling price is $23.60 per unit and its total product cost is $20.00 per unit. b. Company policy calls for given month's ending raw materials inventory to equal 50% of the next month's materials requirements. The March 31 raw materials inventory is 4,210 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,100 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw given month's ending finished goods inventory to equal 80% of the next C. Company policy calls for month's expected unit sales. The March 31 finished goods inventory is 18,400 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at o rate of $15 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $2.80 per direct labor hour. Depreciation of $21,520 per month is treated as fixed factory overhead. Sales representatives' commissions are 10% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3,100. g. Monthly general and administrative expenses include $13,000 administrative salaries and 0.5% monthly h. The company expects 20% of sales to be for cash and the remaining 80% on credit. Receivables are i All raw materials purchases are on credit, and no payables arise from any other transactions. One month's J. The minimum ending cash balance for all months is $41,000. If necessary, the company borrows enough interest on the long-term note payable. collected in full in the month following the sale (none is collected in the month of the sale). raw materials purchases are fully paid in the next month. cash using short-term note to reach the minimum. Short-term notes require an interest payment of1% 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 $11,000 are to be declared and paid in May L No cosh 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 $131,000 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 nebrest whole dollar