Please include formulas in peach colored cells.
A
D
E
G
+
C46
xvfx
The management of ZIGBY MANUFACTURING Balance Sheet 3/31/20XX Unbikies and Equity Liabilities Accounts payable Loan payable Accumulated depreciation Equity Common stock Retained earnings Total liabilities and equity
F
Sales Budget Information
(see letter a on Budget Instructions)
See page 776 in Book
data
200,000 1,722,000 492,500 1,627,700
Selling Price per Unit
use for formula below (remember to LOCK cell address)
Accounts receivable Raw materials inventory Finished goods inventory Equipment
1,005,000 12,000 2,500,000
Zigby Manufacturing Sales Budget May
3,517,000
Assets
3,000,000 750,000
2,250,000
1,675,000 1,000,200
April
Budgeted Sales Units Selling Price per Unit Total Budgeted Sales CHECK FIGURE: June Total Budgeted Sales $ $2,400,000
June
Total 6,292,200
To prepare for April, May, and June, gather the following information
2,775,200 6,292,200
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
materials required direct materials
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
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 Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour
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 Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is $15,000
Monthly general and administrative expenses include $60,000 for administrative salaries and 0.9X monthly interest on the long-term note payable 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 sale)
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 minimum, the excess will be used to repay any loans
No cash payments for in
with ALL Formulas
Sales budget - Page 776 in book Production budget - Page 777 in book Direct materials budget - Page 778 in book Direct labor budget - Page 779 in book Factory overhead budget - Page 779 in book Selling expense budget - Page 780 in book General and administrative expense budget - Page 780 in book
Schedule of cash payments for direct materials - Page 783 in book Cash budget - Page 783 in book Budget for entire second quarter (not monthly - Page 785 in book at June 30 - Page 785 in book
