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Sales Salaries (see Selling Expense Budget) General and Administriative Salaries (see Gen \& Admin Exp Budget) Dividends Loan interest Lont-Term note Interest (see Gen \& Admin Exp Budget) Purchases of equipment Total Cash Payments Prelliminary Cash Balance Additional Loan(loan repayment) Ending Cash Balance Hint: Ending Cash in June =$353,800 \begin{tabular}{l|l|l|} \hline Direct Labor Budget Information: & (see letter d on Budget Instructions) \\ \begin{tabular}{l} Direct labor hours required per unit \\ Direct labor cost per hour \end{tabular} & \begin{tabular}{l} use for formula below (remember to LOCK cell address) \\ use for formula below (remember to LOCK cell address) \end{tabular} \\ & \begin{tabular}{l} Zigby Manufacturing \\ Direct LaborMaterials Budget \end{tabular} \\ \hline \begin{tabular}{l} Units to produce \\ Direct labor hours required per unit \end{tabular} & April \\ \hline \begin{tabular}{l} Direct labor hours needed \\ Direct labor cost per hour \end{tabular} & \\ \hline Cost of direct labor \end{tabular} To prepare a master budget for April, May, and June, management gathers the following information. To prepare a master budget for Apri, May, and June, management gathers the following informin. a. Sales for March total 102,500 units. Budgeted sales in units follow: April, 102,500; May, 97,500; June, 100,000; and July, 102,500. 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 24,625 pounds. The budgeted June 30 ending raw materials inventory is 20,000 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 82,000 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 $100,000 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 $15,000. g. Monthly general and administrative expenses include $60,000 for administrative salaries and 0.9% monthly interest on the long-term note Budgeted Income Statement Information: (see letter a and i, on indget instructians) See page 785 in Zigby Manufacturing Budgeted Income Statement For Three Months Ended June 30 Sales (Sales Budget) COGS (letter a on instruction page) Gross Profit Selling, general and administrative expenses: Sales commisions expense (Selling Budget) Sales salaries expense (Selling Budget) General administrative salary expense (G\&A Budget) Lone-term note interest expense (G\&A Budget) Assets Cash (Cash Budget) Accounts Receivable (see h instructions \& Sales Budget) Raw Materials Inventory (Hint: see instructions letter b) Finished Good Inventory (Hint: Productin Budget End Inv \& insructions 10 letter a) 11 Equipment (Beg Balance Sheet \& Cash Budget) Less: Accumulated Depreciation (seeBeg Balaance Sheet \& instructions 12 letter e) 13 Total Assets 14 15 Liabilities and Equity \begin{tabular}{|c|c|c|c|c|} \hline Sales Budget Information: & \multicolumn{3}{|c|}{ (see letter a on Budget Instructions) } & See page 776 in Book \\ \hline \multirow[t]{4}{*}{ Selling Price per Unit } & & \multicolumn{3}{|c|}{ use for formula below (remember to LOCK cell address) } \\ \hline & \multicolumn{3}{|c|}{ Zigby Manufacturing } & \\ \hline & \multicolumn{3}{|c|}{ Sales Budget } & \\ \hline & April & May & June & \\ \hline \multicolumn{5}{|l|}{ Budgeted Sales Units } \\ \hline \multicolumn{5}{|l|}{ Selling Price per Unit } \\ \hline Total Budgeted Sales \$ & & & & \\ \hline \end{tabular} HINT: June Total Budgeted Sales $=$2,400,000 3. Percentage of monthly sales in Cash 4 Percentage of credit sales paid 1 month after sale 5 Sales for March were: 6 7 8 9 10 Sales 11 Cash receipts from: 12 Cash Sales 13 Collection from prior period sales use for lormula beion (remember to LOCK cell address) use for formula beto (remember to LOCK cell address) You must calculate this based on the Intructions letter a Zigby Manufacturing Schedule of Cash Receipts April May June Quarter Total 14 Total Cash Receipts Cash Budget Information: (see letters j,k.l \& m on Budget instructions) Minimum Cash Balance Required Percentage paid on bank loan (When? How Much?) Loan Payable (from Balance Sheet - previous loan to meet min Cash Bal Dividends declared and paid (How Much? When?) Purchase of Equipment (How much? When?) Cash Balance as of March 31 paid before repayment of loan Zigby Manufacturing Cash Budget Beginning Cash Balance April May \begin{tabular}{|l|l|l|l|l|} \hline 11 & Sales commisions expense (Selling Budget) \\ \hline 12 & Sales salaries expense (Selling Budget) \\ \hline 13 & General administrative salary expense (G\&A Budget) \\ \hline 14 & Long-term note interest expense (G\&A Budget) \\ \hline 15 & Loan interest expense (Cash Budget) \\ \hline 16 & Total Operating Expenses \\ \hline 17 & Income Before taxes \\ 18 & Income tax expense (letter I on instruction page) \\ \hline 19 & Net Income \\ \hline 20 & \\ \hline 21 & & \\ \hline 22 & Hint: Net Income =$244,647 \\ 23 & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Production Budget Information: & \multicolumn{2}{|c|}{ (see letter a and c on Budget Instructions) } & See page 777 in Book \\ \hline Desired Ending Finished Goods Inventory Percentage & \multicolumn{3}{|c|}{ use for formula below (remember to LOCK cell address) } \\ \hline March Ending Finished Goods Inventory & use for below & & \\ \hline \multirow[t]{4}{*}{ July Budgeted Sales Units } & use for below & & \\ \hline & \multicolumn{2}{|c|}{ Zigby Manufacturing } & \\ \hline & \multicolumn{2}{|c|}{ Production Budget } & \\ \hline & April & June & Total for the Quarter \\ \hline \multicolumn{4}{|l|}{ Budgeted Sales Units } \\ \hline \multirow{2}{*}{\multicolumn{4}{|c|}{\begin{tabular}{l} ADD: Desired Ending Inventory \\ Total Required Units \end{tabular}}} \\ \hline & & & \\ \hline \multicolumn{4}{|l|}{ Less: Beginning Inventory Units } \\ \hline \multicolumn{4}{|l|}{ Units to produce } \\ \hline & & & \\ \hline \end{tabular} 15 Liabilities Liabilities and Equity Accounts payable (see i instructions \& DM Budget) Taxes payable (see I instructions \& Budgeted Income Statement) Long-term note payable (Hint: refer to Beg Balance Sheet) Total Liabilities Equity Common Stock (Hint: refer to Beg Balance Sheet) Retained earnings (Hint: Beg RE + Net Income - Cash Dividends) Total Equity Factory Overhead Budget Information: (see letter e on Budget Instructions) Variable Overhead rate per Direct Labor hour Budgeted Fixed Overhead Direct Labor Hours needed Variable Overhead rate per DLH Budgeted Variable OH Budgeted Fixed OH Budgeted TOTAL. Factgory OH use for formula below (remember to LOCK cell address) use for formula below (remember to LOCK cell address) Zigby Manufacturing Factory Ovehead Budget April May June Total for the Quarter g. Monthly general and administrative expenses include $60,000 for administrative salaring a 0.9% mont 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 $200,000. 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 $50,000 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 $500,000 are budgeted for the last day of June. \begin{tabular}{|c|c|c|c|c|} \hline Selling Expense Budget Information: & \multicolumn{3}{|c|}{ (see letter f on Budget Instructions) } & See page 780 in Book \\ \hline Sales commission percent & & \multicolumn{3}{|c|}{ use for formula below (remember to LOCK cell address) } \\ \hline Sales salaries & & \multicolumn{3}{|c|}{ use for formula below (remember to LOCK cell address) } \\ \hline & \multicolumn{3}{|c|}{ Zigby Manufacturing } & \\ \hline & \multicolumn{3}{|c|}{ Selling Expense Budget } & \\ \hline & April & May & June & Total for the Quarter \\ \hline \multicolumn{5}{|l|}{ Budgeted Sales (see Sales Budget) } \\ \hline \multicolumn{5}{|l|}{ Sales commission percent } \\ \hline \multicolumn{5}{|l|}{ Sales commissions } \\ \hline \multicolumn{5}{|l|}{ Sales salaries } \\ \hline Total Selling Expenses & & & & \\ \hline \end{tabular} Zigby Manufacturing Cash Budget April May June Beginning Cash Balance ADD: Cash Receipts (from Cash Receipt Budget) Total Cash Available LESS: Cash Payments for: Direct Material (see Cash Pymt for DM Budget) Direct Labor (see DL Budget) Variable Overhead (Factory OH Budget) Sales Commissions (see Selling Expense Budget) Sales Salaries (see Selling Expense Budget) General and Administriative Salaries (see Gen \& Admin Exp Budget)