Answer Happy

ZIGEY MANUFACTURING Balance Sheet March 31 Assets Liabilities and Equity Cash $ 30,000 Liabilities Accounts receivable 455,000 Accounts payable Raw materials inventory 93,400 Loan payable Finished goods Inventory 438,000 Long-term note payable Equipment $.640.000 Equity Less: Accumulated depreciation 170,000 470,000 Common stock Retained earnings Total assets 31,536,400 Total liabilities and equity To prepare a master budget for April, May, and June, management gathers the following information $ 215,700 32,000 500,000 $ 747,700 355,000 433200 700 700 5 1.536,400 .. Sales for March total 25,000 units Budgeted sales in units follow April, 25.000, May, 17100, June 22,300; and July, 25,000. The product's selling price is $26.00 per unit and its total product cost is $2190 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 4,670 pounds. The budgeted June 30 ending raw materials inventory $ 6,000 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 20,000 units d. Each finished unit requires 0.50 hour of direct labor at a rate of 516 per hour e. The predetermined variable overhead rate is $4.00 per direct labor hour. Depreciation of $40,787 per month is the only fixed factory overhead item t. Sales commissions of 10% of sales are paid in the month of the sales. The sales manager's monthly salary is $5,000 9. Monthly general and administrative expenses include $21000 for administrative salaries and 0.9% 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) L. 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 $80,000 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 $30,000 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
75 pon Required: Prepare the following budgets for the months of April, May, and June 1. Sales budget 2 Production budget 3. Direct materials budget 4. Direct labor budget 5. Factory overhead budget. 6. Selling expense budget 7. General and administrative expense budget 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly) 12. Budgeted balance sheet at June 30. eBook Print References Complete this question by entering your answers in the tabs below. Reg1 Reg 2 Reg 3 Reg 4 Reg 5 Rego Req Reg 8 to 10 Reg 11 Reg 12 Sales budget. ZIGBY MANUFACTURING Sales Budgets April May June Budgeted sales units Selling price per unit Total budgeted sales Reg Req2 >
12. Budgeted balance sheet at June 30. hits Complete this question by entering your answers in the tabs below. eBook Reg 1 Reg 2 Reg 4 Reg 3 Reqs Reg 6 Reg 7 Reg 8 to 10 Reg 11 Reg 12 Production budget. Print ZIGBY MANUFACTURING Production Budget April May eferences June Total Budgeted sales units 17 100 80% 22,300 80% 25.000 80% Next period budgeted sales units Ratio of inventory to future sales Desired ending inventory units Total required units Units to produce < Req1 Reg 3 >
Saved 1 Assignment Set7 - Chapter 20 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly), 75 12. Budgeted balance sheet at June 30. points Complete this question by entering your answers in the tabs below. eBook Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 Reg 6 Req 7 Red 8 to 10 Reg 11 Req 12 Print References Direct materials budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Materials Budget April May Units to produce June Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases < Req2 Req 4 >
1 1. Sales budget 2. Production budget 3. Direct materials budget 4. Direct labor budget. 5. Factory overhead budget 6. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30. eBook Print Complete this question by entering your answers in the tabs below. Herences Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 Req 8 to 10 R Reg 11 Direct labor budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Labor Budget April May Units to produce June Total Direct labor hours needed Cost of direct labor < Req3 Req 5 >
1 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. ts Reg 1 Reg 2 Reg 3 Reg 4 Reqs Reg 6 Reg7 Reg 8 to 10 Req 11 Reg 1 Budgeted income statement for entire second quarter (not monthly), (Round your final answers to the nearest whole dol eBook ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 Print rerences Selling, general and administrative expenses Total operating expenses < Req 8 to 10 Req 12 >