To preparo a master budget for ApertlMay, and Juno of 2017, management gathers the following information: a Sales for March total 22,800 units. Forecasted sales in units are as follows: April, 22,800: May, 16,000, June 23,000, and July. 22.800 Sales of 255,000 units are forecasted for the entire year. The product's colling price is $24.00 per unit and its total product cost is $19.30 per unit b. Company policy calls for a given month's ending raw materials Inventory to equal 50% of the next month's materials requtrements. The March 31 raw materials inventory is 4,510 units, which complies with the policy. The expected June 30 ending raw materials Inventory is 5,500 units. Raw materials cost $20 per unn. Each finished unit requires 0.50 units of raw materials. Company policy calls for a given month's ending finished goods inventory to equal 70% of the next month's expected unit sales. The March 31 finished goods Inventory is 15.960 units, which complies with the policy d. Each finished unit requires 0.50 hours of direct laborat a rate of $11 per hour e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $4.20 per direct labor hour. 1. Sales representatives commissions are 10% of sales and are paid in the month of the sales. The sales manager's monthly calary is $4,500 9. Monthly general and administrativo expenses Include $27,000 administrative salaries and 0.6% monthly interest on the long-term h. The company expects 20% of sales to be for cash and the remaining 80% on credit. Receivables are collected in full in the month L. All raw materials purchases are on credit and no payables artse from any other transactions. One month's raw materials purchases are fully paid in the next month 1. The minimum ending cash balance for all months is $55.000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 15 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 notos payable balance k. Dividends of $25.000 are to be declared and paid in May. 1. 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 S345.000 are budgered for the last day of June, Required: Prepare the following budgets and other financial information as required. Al budgets and other financial Information should be prepared for the second calendar Quartet 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 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. Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Required Required 6 Required Required 8 Required 9 Required 10 Sales budget. (Round Budgeted unit price to 2 decimal places.) ZIGBY MANUFACTURING Sales Budget April, tay, and June 2017 Budgeted Budgeted Budgeted Unit Sales Unit Price Sales Dollars Apel 2017 22.800 $ 24.00 $ 347.200 May 2017 16.000 24.00 384.000 June 2017 23.000 24.00 562.000 Totals for the second quarter 81,800 $1.483.200 Required 2 > WAVUTITE 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 B Required's Production budget. ne 22.800 70% ZIGBY MANUFACTURING + Production Budget April May, and June 2017 April May Next month's budgeted sales (units) 10,000 20.000 Ratio of inventory to future sales 70% 70% Budgeted ending inventory (units] Budgeted units sales for month Required units of available production Beginning inventory (units) Units to be produced 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 Required 9 Required 10 Selling expense budget. ZIGBY MANUFACTURING Selling Expense Budget April May, and June 2017 April May June Budgeted sales Sales commissions Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Regl Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with n Calculation of Cash receipts from customers: April Way June Total budgeted sales Cash sales Sales on credit 20% 80% Total cash receipts from customers April May June Current month's cash sales Collections of receivables ZIGBY MANUFACTURING Cash Budget April, May, and June 2017 April May June Beginning cash balance Total cash available Cash payments for 2GBY MARUFUCTURING Cash Buicer April May, and June 2017 April May June Beginning cash balance Total cash available Cash payments for 0 Total cash payments Preliminary cash balance Ending cash balance Loan balance April May June Loan balance - Beginning of month 0 0 Total cash payments Preliminary cash balance Ending cash balance Loan balance April May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month Required 1 Required 2 Required Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Require Budgeted income statement for the entire second quarter (not for each month separately). (Round your final an to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2017 Operating expenses Total operating expenses 0 0 $ 0 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2017 Assets Total current assets $ 0 Equipment, net Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders Equity Total Stockholders Equity Total Liabilities and Equity Assets Total current assets $ 0 Equipment, net Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Stookholders Equity Total Liabilities and Equity