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The management of Zigby Manufacturing prepared the following balance sheet for March 31. Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation ZIGBY MANUFACTURING Balance Sheet March 31 Liabilities and Equity $ 40,000 Liabilities 344,400 Accounts payable 98,500 Loan payable 325, 540 Long-term note payable Equity 450,000 Common stock Retained earnings $ 1,258,440 Total liabilities and equity $ 201,000 12,000 500,000 $ 713,000 $ 600,000 150,000 335,000 210, 440 Total assets 545, 440 $ 1,258,440 To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 20,500 units. Budgeted sales in units follow: April, 20,500; May, 19,500; June, 20,000; and July, 20,500. The product's selling price is $24.00 per unit and its total product cost is $19.85 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 materials inventory to equal 50% of the next month's direct materials requirements. The March 31 raw materials inventory is 4.925 pounds. The budgeted June 30 ending raw materials inventory is 4,000 pounds. Each finished unit requires 0.50 pound of direct 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 16,400 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour.. e. The predetermined variable overhead rate is $2.70 per direct labor hour. Depreciation of $20,000 per month is the only fixed factory overhead item. f. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is $3,000. g. Monthly general and administrative expenses include $12,000 for administrative salaries and 0.9% monthly interest on the long- term 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). i. All raw materials purchases are on credit, and accounts payable are solely tied to raw materials purchases. Raw materials 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 $40,000. 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 $10,000 are 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 April, May, and June: 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 receipts. 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. Req 1 Reg 2 Req3 Req 4 Reg 5 Reg 6 Req 7 Req 8 to 10 Reg 11 Req 12 Sales budget. ZIGBY MANUFACTURING Sales Budgets April May 20,500 $ 19,500 June $ 20,000 Budgeted sales units Selling price per unit Total budgeted sales $ 24.00 $ 24.00 $ 24.00 $ 492,000 $ 468,000 $ 480,000 Req 1 Reg 2 Req3 Req 4 Reg 5 Req 6 Req 7 Req 8 to 10 Req 11 Req 12 Production budget. ZIGBY MANUFACTURING Production Budget April 20,500 June Total May 19,500 20,000 19,500 20,500 20,000 80% 80% 80% Budgeted sales units Calculation of desired ending inventory Next period budgeted sales units Ratio of inventory to future sales Add: Desired ending inventory Total required units Less: Beginning inventory units Units to produce 15,600 16,000 36,100 35,500 16,400 36,400 16,000 20,400 16.400 15,600 19,900 19,700 60,000 Req 1 Req 2 Req 3 Req 4 Reg 5 Req 6 Reg 7 Req 8 to 10 Reg 11 Req 12 Raw materials budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Materials Budget April May June Total 19,700 19,900 20,400 0.50 0.50 0.50 9,850 9,950 10,200 4,975 5,100 4,000 Units to produce Materials requirements per unit (pounds) Materials needed for production (pounds) Add: Desired ending inventory Total materials required (pounds) Less: Beginning materials inventory Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases 14,825 15,050 14,200 4,925 4,975 9,900 5,100 9,100 20 10,075 20 29,075 $ $ 20 $ $ $ 20 $ 198,000 $ 201,500 $ 182,000 $ 581,500 Reg 1 Reg 2 Reg 3 Reg 4 Req 5 Reg 6 Req 7 Reg 8 to 10 Req 11 Req 12 Direct labor budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Labor Budget April May June Total 19,700 19,900 20,400 Units to produce Direct labor hours required per unit 0.50 0.50 0.50 Direct labor hours needed 9,850 10,200 30,000 9,950 15 Direct labor cost per hour $ 15 $ $ 15 $ 15 Cost of direct labor $ 147,750 $ $ 149,250 $ 153,000 $ 450,000 Req 1 Reg 2 Req 3 Reg 4 Reg 5 Req 6 Req 7 Reg 8 to 10 Req 11 Req 12 Factory overhead budget. (Round variable overhead rate values to 2 decimal places.) ZIGBY MANUFACTURING June Total 10,200 Factory Overhead Budget April May Direct labor hours needed 9,850 9,950 Variable overhead rate per direct labor hour $ 2.70 $ 2.70 Budgeted variable overhead $ 26,595 $ 26,865 $ Budgeted fixed overhead 20,000 20,000 Budgeted total factory overhead $ 46,595 46,865 $ GA $ 2.70 27,540 $ 81,000 60,000 20,000 $ 47,540 $ 141,000 Req 1 Reg 2 Reg 3 Reg 4 Req 5 Reg 6 Reg 7 Req 8 to 10 Reg 11 Req 12 Selling expense budget. ZIGBY MANUFACTURING Selling Expense Budget April May S 492,000 $ 468,000 June Total $ 480,000 Budgeted sales Sales commission percent Sales commissions 8% 8% 8% S 39,360 $ 37,440 $ $ Sales salaries 3,000 38,400 3,000 41,400 3,000 42,360 115,200 9,000 124,200 Total selling expenses $ $ 40,440 $ $ Reg 1 Reg 2 Req 3 Req 4 Reg 5 Reg 6 Reg 7 Req 8 to 10 Reg 11 Req 12 General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April May $ 12,000 $ 12,000 $ June Total Administrative salaries 12,000 $ 36,000 Interest on long-term note 4,500 4,500 4,500 13,500 Total general and administrative expenses $ 16,500 $ 16,500 $ 16,500 $ 49,500 Reg 1 Req 2 Req3 Req 4 Reg 5 Req 6 Req 7 Reg 8 to 10 Req 11 Req 12 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.) Show less A ZIBGY MANUFACTURING Schedule of Cash Receipts April -S June May 468,000 $ Sales $ 492,000 $ 480,000 Cash receipts from 147.600 140,400 144,000 Cash sales Collections of prior period sales Total cash receipts 0 0 344,400 492.000 $ $ 140,400 $ 144,000 June 182,000 Schedule of Cash Payments for Direct Materials April May Materials purchases $ 198,000 $ 201,500 $ Cash payments for Current period purchases $ 0 $ 0 $ Prior period purchases 201,000 198,000 Total cash payments $ 201,000 $ 198,000 $ 0 201,500 201,500 Cash Budget April May June $ 40,000 $ 85,675 $ 129,420 Beginning cash balance Add: Cash receipts from sales Total cash available 471,600 492,000 532,000 484,800 570,475 601,020 Less: Cash payments for: Direct material Direct labor 201,000 147,750 26,595 39,360 Variable overhead 198,000 149,250 26,865 37,440 3,000 12,000 10,000 201,500 153,000 27,540 38,400 3,000 Sales commissions Sales salaries 3.000 General and administrative salaries 12,000 12,000 Dividends 0 0 120 0 0 Loan interest Long-term note interest Purchases of equipment 4,500 4,500 4,500 0 0 100,000 0 0 0 Total cash payments 434,325 441,055 539,940 Purchases of equipment 0 0 100,000 0 O 0 Total cash payments 434,325 441,055 539,940 97,675 129,420 61,080 Preliminary cash balance Additional loan (loan repayment) Ending cash balance (12,000) 0 129,420 $ 61,080 Loan balance April May June Loan balance - Beginning of month $ 12,000 CA 0 Additional loan (loan repayment) (12,000) 0 0 Loan balance - End of month $ 0 $ 0 Req 1 Req 2 Reg 3 Req 4 Req 5 Req 6 Reg 7 Reg 8 to 10 Req 11 Reg 12 Budgeted income statement for entire second quarter (not monthly). (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 Sales $ 1.440,000 1,191,000 249,000 Cost of goods sold Gross profit Selling, general and administrative expenses Sales commissions expense S 115,200 Sales salaries expense 9,000 36,000 General administrative salaries expense Long-term note interest expense Loan interest expense 13,500 120 0 173,820 Total operating expenses hnenme hefnra taves 75 180 For Three Months Ended June 30 Sales $ 1,440,000 1,191,000 249,000 Cost of goods sold Gross profit Selling, general and administrative expenses Sales commissions expense Sales salaries expense General administrative salaries expense 115,200 9,000 36,000 13,500 Long-term note interest expense Loan interest expense 120 0 Total operating expenses income before taxes 173,820 75,180 26,313 48,867 Income taxes expense Net income $ Req 1 Req 2 Req 3 Reg 4 Reg 5 Reg 6 Req 7 Req 8 to 10 Req 11 Reg 12 Budgeted balance sheet at June 30. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30 Assets Cash $ Accounts receivable 61,080 336,000 80,000 Raw materials inventory Finished goods inventory 325,540 Total current assets $ 802,620 $ 700,000 Equipment Accumulated depreciation Equipment, net 210,000 490,000 Total assets $ 1,292,620 Liabilities and Equity Finished goods inventory 325,540 Total current assets 802,620 $ 700,000 Equipment Accumulated depreciation Equipment, net 210,000 Total assets 490,000 $ 1,292,620 Liabilities and Equity Liabilities $ 182,000 0 26.313 Accounts payable Bank loan payable Income taxes payable Total current liabilities Long-term note payable Equity Common stock 208,313 500,000 $ Retained earnings 335,000 249,307 0 Total Fairit 584 27 Equipment, net 490,000 VTotal assets $ 1,292,620 Liabilities and Equity Liabilities $ 182,000 Accounts payable Bank loan payable Income taxes payable 0 26,313 Total current liabilities 208,313 500,000 Long-term note payable Equity Common stock $ 335,000 Retained earnings 249,307 584,307 Total Equity Total Liabilities and Equity $ 1,292,620