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The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019 ZIGBY MANUFACTURING...

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The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019 ZIGBY MANUFACTURING EstimDepreciation of $25,134 per month is treated as fixed factory overhead. f. Sales representatives commissions are 9% of salesComplete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 ReqComplete this question by entering your answers in the tabs below. Required 4 Required 1 Required 2 Required 3 Required 5 ReqComplete this question by entering your answers in the tabs below. Required 3 Required 4 Required 1 Required 2 Required 5 ReqComplete this question by entering your answers in the tabs below. Required 3 Required 4 Required 1 Required 2 Required 5 ReqComplete this question by entering your answers in the tabs below. Required 3 Required 4 Required 5 Required 6 Required 7 ReqRequired 5 Required 6 Required 7 Required 8Required 9 Required 10 Required 1 Required 2 Required 3 Required 4 Cash budget. (NComplete this question by entering your answers in the tabs below. Required 2 Required 3 Required 4 Required 5 Required 6 ReqRequired 8 Required 9 Required 10 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Budgeted balan

The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets 43,ee0 432,900 Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets 86,198 387,168 949,266 606,000 (153,000) 453,000 Equipment Accumulated depreciation Equipment, net Total assets $1,402,266 Liabilities and Equity 194,798 15,000 Accounts payable Short-term notes payable 209,798 s00,e00 Total current liabilities Long-term note payable Total liabilities 709,798 Common stock 338, еее 354,468 692,468 Retained earnings Total stockholders' equity $ 1,402,266 Total liabilities and equity To prepare a master budget for April, May, and June of 2019, management gathers the following information. a. Sales for March total 22,200 units. Forecasted sales in units are as follows: April, 22,200; May, 16,0000; June, 19,800; and July, 22,200. Sales of 243,000 units are forecasted for the entire year. The product's selling price is $26.00 per unit and its total product cost is $21.80 per unit. b. Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements. The March 31 raw materials inventory is 4,310 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,300 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials. c. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's expected unit sales. The March 31 finished goods inventory is 17,760 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $18 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.00 per direct labor hour
Depreciation of $25,134 per month is treated as fixed factory overhead. f. Sales representatives commissions are 9% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3,300. g. Monthly general and administrative expenses include $15,000 administrative salaries and 0.6% monthly interest on the long-term note payable. h. The company expects 25% of sales to be for cash and the remaining 75% on credit. Receivables are collected in full in the month following the sale (none are collected in the month of the sale). i. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases are fully paid in the next month j. The minimum ending cash balance for all months is $50,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% 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 $13,000 are to be declared and paid in May. I. 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 $133,000 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 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 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Sales budget. (Round Budgeted unit price to 2 decimal places.) ZIGBY MANUFACTURING Sales Budget April, May, and June 2019 Budgeted Budgeted Budgeted Sales Dollars Unit Sales Unit Price April 2019 May 2019 June 2019 Totals for the second quarter Required 1 Required 2
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Complete this question by entering your answers in the tabs below. Required 4 Required 1 Required 2 Required 3 Required 5 Required 6 Required 7 Required 8 Required 9 Reguired 10 Raw materials budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Raw Materials Budget April, May, and June 2019 May April June Production budget (units) Materials needed for production Total materials requirements (units) Materials to be purchased Material price per unit Budgeted raw material purchases Required 2 Required 4
Complete this question by entering your answers in the tabs below. Required 3 Required 4 Required 1 Required 2 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Direct labor budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Labor Budget April, May, and June 2019 April May June Total Budgeted production (units) Total labor hours needed 0 Budgeted direct labor cost Required 3 Required 5
Complete this question by entering your answers in the tabs below. Required 3 Required 4 Required 1 Required 2 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Factory overhead budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Factory Overhead Budget April, May, and June 2019 April May June Total Labor hours needed Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead Required 4 Required 6
Complete this question by entering your answers in the tabs below. Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Required 1 Required 2 Selling expense budget ZIGBY MANUFACTURING Selling Expense Budget April, May, and June 2019 April May June udgeted sales ales commissions Required 5 Required 7
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Required 5 Required 6 Required 7 Required 8Required 9 Required 10 Required 1 Required 2 Required 3 Required 4 Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Calculation of Cash receipts from customers: April May June Total budgeted sales Cash sales 25 % Sales on credit 75% Total cash receipts from customers April May June Current month's cash sales Collections of receivables Total cash receipts ZIGBY MANUFACTURING Cash Budget April, May, and June 2019 April May June Beginning cash balance Total cash available Cash payments for Total cash payments 0 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 7 Required 9
Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Required 1 Budgeted income statement for the entire second quarter (not for each month separately). (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2019 Operating expenses Total operating expenses 0 0 Required 10 Required 8
Required 8 Required 9 Required 10 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2019 Assets Total current assets 0 Equipment, net 0 Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity Required 9 Required 10

Answers

Solution 1:

ZIGBY MANUFACTURING
Sales Budget
April, May, and June 2019
Budgeted Unit Sales Budgeted Unit Price Budgeted Sales Dollars
Apr-19 22200 $26.00 $577,200.00
May-19 16000 $26.00 $416,000.00
Jun-19 19800 $26.00 $514,800.00
Totals for the second quarter 58000 $26.00 $1,508,000.00

solution 2:

ZIGBY MANUFACTURING
Production Budget
April, May, and June 2019
April May June
Next month's budgeted sales (units) 16000 19800 22200
Ratio of inventory to future sales 80% 80% 80%
Desired ending inventory 12800 15840 17760
Budgeted sales units 22200 16000 19800
Required units of available production 35000 31840 37560
Beginning inventory 17760 12800 15840
Units to be produced 17240 19040 21720

Solution 3:

ZIGBY MANUFACTURING
Raw Materials Budget
April, May, and June 2019
April May June
Production budget (units) 17240 19040 21720
Raw material per unit 0.5 0.5 0.5
Materials needed for production 8620 9520 10860
Desired ending inventory 4760 5430 4300
Total materials requirements (units) 13380 14950 15160
Beginning inventory 4310 4760 5430
Materials to be purchased 9070 10190 9730
Material price per unit $20.00 $20.00 $20.00
Budgeted raw material purchases $181,400.00 $203,800.00 $194,600.00

Solution 4:

ZIGBY MANUFACTURING
Direct Labor Budget
April, May, and June 2019
April May June Total
Budgeted production (units) 17240 19040 21720 58000
Direct labor hour per unit 0.5 0.5 0.5 0.5
Total labor hours needed 8620 9520 10860 29000
Direct labor rate per hour $18.00 $18.00 $18.00 $18.00
Budgeted direct labor cost $155,160.00 $171,360.00 $195,480.00 $522,000.00

Solution 5:

ZIGBY MANUFACTURING
Factory overhead Budget
April, May, and June 2019
April May June Total
Labor hours needed 8620 9520 10860 29000
Variable overhead rate per hour $3.00 $3.00 $3.00 $3.00
Budgeted variable overhead $25,860.00 $28,560.00 $32,580.00 $87,000.00
Budgeted fixed overhead $25,134.00 $25,134.00 $25,134.00 $75,402.00
Budgeted total overhead $50,994.00 $53,694.00 $57,714.00 $162,402.00

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