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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 $ 42,000 Liabilities 378,560 Accounts payable 107,200 Loan payable 349,440 Long-term note payable Equity 452,000 Common stock Retained earnings $1.329,200 Total liabilities and equity $ 211,30 14,000 500,000 $725,380 5 684,000 152,000 337,600 266.900 Total assets 6e3, 900 51-29,200 To prepare a master budget for April, May, and June, management gathers the following information o Sales for March total 20.800 units Budgeted sales in units follow. April, 20,800, May 21,600, June 20,900; and July, 20,800. The product's selling price is $26.00 per unit and its total product cost is $2100 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 5,360 pounds. The budgeted June 30 ending raw materials inventory is 4.200 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 16,640 units. Er fini hari andor n hurafa Isharh 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 16,640 units d. Each finished unit requires 0.50 hour of direct laborat a rate of $17 per hour e. The predetermined variable overhead rate is $3.00 per direct labor hour Depreciation of 521100 per month is the only fixed factory overhead item 1. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is $3,200 9. Monthly general and administrative expenses include $14.000 for administrative salaries and 7% 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 $42,000, 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 $12.000 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. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3 Req 4 Req 5 Req 6 Req 7 Reg 8 to 10 Req11 Reg 12 Sales budget. ZIGBY MANUFACTURING Sales Budgets April May June Budgeted sales units Selling price per unit Total budgeted sales Reg 2 > Complete this question by entering your answers in the tabs below. Reg 6 Reg 7 Req 8 to 10 Reg 11 Reg 12 Reg 1 Reg 4 Reg 5 Reg 2 Reg 3 Production budget. April June Total ZIGBY MANUFACTURING Production Budget May Budgeted sales units Calculation of desired ending inventory Next period budgeted sales units 21,600 20.900 Ratio of inventory to future sales 80% 80% 20.800 80% Total required units Units to produce Req3 > Complete this question by entering your answers in the tabs below. Reg 3 Req 2 Reg 4 Reg 5 Req 6 Reg 1 Req 7 Reg 8 to 10 Req 12 Reg 11 Factory overhead budget. (Round variable overhead rato values to 2 decimal places.) June Total ZIGBY MANUFACTURING Factory Overhead Budget April May Direct labor hours needed Variable overhead rate per direct labor hour Budgeted variable overhead Budgeted fixed overhead Budgeted total factory overhead Complete this question by entering your answers in the tabs below. Reg 1 Req 2 Reg 3 Reg 4 Reg 5 RAG Reg 7 Reg 8 to 10 Reg 11 Reg 12 Selling expense budget. ZIGBY MANUFACTURING Selling Expense Budget April May June Budgeted sales Sales commissions Complete this question by entering your answers in the tabs below. Req 1 Req 2 Reg 3 Reg 4 Reg 5 Reg 6 Reg 8 to 10 Reg 11 Reg 12 General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April May June Total general and administrative expenses Re Req 1 Reg 3 Reg 2 Reg 4 Reg 5 Reg 8 to 10 Reg 6 Reg 11 Req 7 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.) Shou ZIBGY MANUFACTURING Schedule of Cash Receipts April 540,800 $ May 561,600 $ June 543,400 Sales Cash receipts from Cash sales Collections of prior period sales Total cash receipts Schedule of Cash Payments for Direct Materials $ 212 400 $ 209.300 $ 188.100 Materials purchases Cash payments for Schedule of Cash Payments for Direct Materials $ 212,400 $ 209,300 $ 188,100 Materials purchases Cash payments for Current period purchases Prior period purchases Total cash payments Cash Budget April May June Beginning cash balance Total cash available Less Cash payments for 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 $ 0 Req 1 Req2 Reg 3 Req4 Reg 5 Req 6 Req 7 Req8E Budgeted income statement for entire second quarter (not monthly). (Round your final answer ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 Selling general and administrative expenses Total operating expenses ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 Selling, general and administrative expenses Total operating expenses ZIGBY MANUFACTURING Budgeted Balance Sheet June 30 Assets Total current assets Equipment, net Total assets Liabilities and Equity Liabilities 0 Bank loan payable Equipment, net Total assets Liabilities and Equity Liabilities Bank loan payable 0 Total current liabilities Equity Total Equity Total Liabilities and Equity Complete this question by entering your answers in the tabs below. Reg 6 Reg 7 Req 8 to 10 Reg 11 Reg 12 Reg 1 Reg 4 Reg 5 Reg 2 Reg 3 Production budget. April June Total ZIGBY MANUFACTURING Production Budget May Budgeted sales units Calculation of desired ending inventory Next period budgeted sales units 21,600 20.900 Ratio of inventory to future sales 80% 80% 20.800 80% Total required units Units to produce Req3 > Complete this question by entering your answers in the tabs below. Reg 3 Req 2 Reg 4 Reg 5 Req 6 Reg 1 Req 7 Reg 8 to 10 Req 12 Reg 11 Factory overhead budget. (Round variable overhead rato values to 2 decimal places.) June Total ZIGBY MANUFACTURING Factory Overhead Budget April May Direct labor hours needed Variable overhead rate per direct labor hour Budgeted variable overhead Budgeted fixed overhead Budgeted total factory overhead Complete this question by entering your answers in the tabs below. Reg 1 Req 2 Reg 3 Reg 4 Reg 5 RAG Reg 7 Reg 8 to 10 Reg 11 Reg 12 Selling expense budget. ZIGBY MANUFACTURING Selling Expense Budget April May June Budgeted sales Sales commissions Complete this question by entering your answers in the tabs below. Req 1 Req 2 Reg 3 Reg 4 Reg 5 Reg 6 Reg 8 to 10 Reg 11 Reg 12 General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April May June Total general and administrative expenses Re Req 1 Reg 3 Reg 2 Reg 4 Reg 5 Reg 8 to 10 Reg 6 Reg 11 Req 7 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.) Shou ZIBGY MANUFACTURING Schedule of Cash Receipts April 540,800 $ May 561,600 $ June 543,400 Sales Cash receipts from Cash sales Collections of prior period sales Total cash receipts Schedule of Cash Payments for Direct Materials $ 212 400 $ 209.300 $ 188.100 Materials purchases Cash payments for Schedule of Cash Payments for Direct Materials $ 212,400 $ 209,300 $ 188,100 Materials purchases Cash payments for Current period purchases Prior period purchases Total cash payments Cash Budget April May June Beginning cash balance Total cash available Less Cash payments for 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 $ 0 Req 1 Req2 Reg 3 Req4 Reg 5 Req 6 Req 7 Req8E Budgeted income statement for entire second quarter (not monthly). (Round your final answer ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 Selling general and administrative expenses Total operating expenses ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 Selling, general and administrative expenses Total operating expenses ZIGBY MANUFACTURING Budgeted Balance Sheet June 30 Assets Total current assets Equipment, net Total assets Liabilities and Equity Liabilities 0 Bank loan payable Equipment, net Total assets Liabilities and Equity Liabilities Bank loan payable 0 Total current liabilities Equity Total Equity Total Liabilities and Equity