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The management of Zigby manufacturing prepare the following balance sheet for March 31?

The mafiagement of Zigby Manufoctucing prepared the following balance sheet for March 31. To prepare a master budget for Aprii, May, and June, managoment gathers the foliowing information. a. Soles for March total 20,500 units, Budgeted salos in unts follow: Apri, 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 materiols ifventory consists solely of direct materials that cost $20 per pound. Company policy colls for a given moneh's ending matecials inventory to equal 50% of the neat month's direct materials requirements. The March 31 raw. materials inventory is 4,925 pounds. The budgeted June 30 ending raw materials inveatory is 4.000 pounds. Each finished unit requires 0.50 pound of direct. materials. c. Company policy calls for a given montsis ending finished goods inventory to equal 80% of the next month's budgeted unit sales. The Morch 31 finistied goods inventory is 16,400 units. d. Each finished unit requites 0.50 hour of direct labor at a rate of $15 per hour. e. The predetermined variable overhead rate is 52.70 per direct labor hout: Depreciabion of $20.000 per month is the only fied factocy Dverhead item. 1. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is 53,000 9. Monthly general and administrative expenses include $12,000 for administrative salaries and 0.95 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 ful in the month following the sale (no credi sales are collected in the month of sale). 1. All raw materials purchases are on credi, and accounts poyable are solely tied to raw materials purchases. Raw materisls purchases are fully paid in the next month equal bus or the next maiths buogrtied unt smes. 1oe Marcr s7 tinismetg goods imventory is 16.400 units d. Each finshed unit reguires 050 nour of dinsct abor at a rate er 515 per houe. e. The predesermined variable overbead rate is $2.70 per direct isoor hout. Deptecistion of 520,000 pet menth is the only fited foctory overheadi item. f. Sales cormenssions of 8\% of sales are paid in the month of the sales. The sales: mansper's monenly salary is 53000 . 9. Mocthly gecotal and adeninistrative experses indude $12.000 for acministrstive solazies and 099, monthly inserest on tre leng term note payable. h. The company budgers 30\%k of sales to be for cash and the remaining 70 is on credit. Credit sales are collected in fut in the moren following the sole fno credt sales are collected in the month of silsi. 1. All raw matetials purchases are on clede, and accounts pryable are sciety tied to raw materials purchaser finw materials purchases are fulfy paid in the nest ineinth fnace are poig in the month of puechase? j. The minimam ending cash balance for all merthc is 540.000 . If necessary, the. compary borows enough cash using a soan to reach the minimum. Loans require an interest payment of th at each menalend fedore any repoymenti it the month-ond pretiminary cssh bolance exceeds the minimum, the excess will be used to repay any loars: 4. Dividends of $10,000 are budgeted to be dectared and paid in May. L. No cash payments for income toxes are budgeted in the secand colendar fuortor Income tax wil be assessed at 35% in the pastec and budgeted to be pod in the third colendar quartec. m. Equigenent purchases of 5100.000 are budgeted for the last day of June Reculred: Prepare the following budgets for the months of Agei, Moy, and June. 1. Sales budget. 2. Production budgot. 3. Direct materials budget. 4. Direct labor budget. 5. Factory avertiond budoet. 6. Seling expersse budget. 7. General and administrative expense budget. 8. Schedule of cash receipts. 9. Schedule of cosh piyments for direct matenats 10. Cash budget 11. Audpeted inceme staternent for ontie secend quater (not monthily) 12. Budgeted balance sheet at June 30 . Comaplete this question by entering your answers in the tabs below: red the following balance sheet for une. managemont gathers the sales in units follow: Apre, 20,500: The prodoct's selling peice is 52400 s unit. act materials that cost $20 per th's ending materials inventory to s requirements. The March 31 raw geted Jane 30 ending raw materials requires 0.50 pound of direct ing finished ooods imveruory to soles. The March 31 fineshed qoods t labor at a rate of $15 per hour. $2.70 per direct laber hour. y ficed foctory overhead item. the month of the siles. The sales include $12,000 for ndministrative 3.term note payable. cash and the remaining 707i on month following the sale fno credit I accounts payable are folely tied to sages are folly paid in the nexa moreth. 12. Budgeted balance sheet at June 30 . Complete this question by entering your answers in the tabs below. Sales budget. Production budget. Direct materials budget. (Round per unit values to 2 decimal places.) Complete this question by entering your answers in the tabs below. Direct labor budget. (Round per unit values to 2 decimal places.) Complete this question by entering your answers in the tabs below. Factory overhead budget. (Round variable overhead rate values to 2 decimal places.) 12. Budgeted balance sheet at June 30 . Complete this question by entering your answers in the tabs below. Selling expense budget. 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. General and administrative expense budget. (i) Sitirit Help Save Es Exit Submit Check my work Crev 1 of 1 t? Next Wutai (ut= 11. duggeled income saacinent for ersere stcond quarter (not momiay/. 12. Budgeted balance sheet at June 30 . Complete this question by entering your answers in the tabs.below. Budgeted income statement for entire second quarter (not monthly). (Round you Complete this question by entering your answers in the tabs below. Budgeted balance-sheet at June 30. (Round your final answers to the nearest. who

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