of Zigby $ 40,000 98,500 600,000 450,000 200,500 2,000 212,500 500,000 712,500 335,000 Totalnotes liabilities $1,256 sales in units are as follows: April, 20,500; May. 19,500; June, 20,000; and July, The March 31 finished s 0.50 h ork Company policy calls for a given month's ending finished goods inventory to equal 80% of the next rmonth's expected unit sales. The 31 finished goods inventory is 16,400 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $15 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $2.70 per direct labor hour. Depreciation of $20,000 per month is treated as fixed factory overhead. Sales representatives' commissions are 8% of sales and 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 administrative salaries and 0.9% monthly interest on the long-term h. The company expects 30% of sales to be for cash and the remaining 70% on credit. Receivables are collected in full in the month note payable. the sale (none are collected in the month of the sale). L. 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. The note tc, rench, 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. m ending cash balance for all months is $40,000. If necessary, the company borrows enough cash using a short-term k. Dividends of $10,000 are to be de 1 No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 35% in the and paid in May. quarter and paid in the third calendar quarter. m. Equipment purchases of $130,000 are budgeted for the last day of June. 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 otherwse e noted below. (Round calculations up to the nearest whole dollar 2. Production budget. 3. Raw materials budget 4. Direct labor budget 5. Factory overhead budget 6. Selling expense budget 8. Cash budget 10. Budgeted balance sheet Unit April 2017 Production Budget 20,000 20,500 Units to be Factory Overhead Budget May Complete this question by entering your answers in the tabs below ZIGBY Budget April, May, and June 2017 ZIGBY MANUFACTURING May pr 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with min Calculation of Cash receipts from customers: Total budgeted sales June May April 30% 70% Cash sales Sales on credit Total cash receipts from customers June May April Current month's cash sales Collections of receivables Total cash receipts ZIGBY MANUFACTURING Cash Budget April, May, and June 2017 April May June Beginning cash balance Total cash available Cash payments for MacBook Air Saved Beginning cash balance Total cash available 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 manth Requiredo > 4 of 4 K Prev MacBook Air O. Budgeted balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required s Required 6 Required 7 Required 8 Req Budgeted income statement for the entire second quarter (not for each month separately). (Round your nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2017 Operating expenses Total operating expenses 0