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The management of zigby manufacturing prepared

09/04/2021 Client: muhammad11 Deadline: 2 Day

The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015:

ZIGBY Manufacturing

Estimated Balance Sheet

March 31, 2015

ASSETS LIABILITIES AND EQUITY

Cash....................................................$ 40,000 ACCOUNTS PAYABLE....................$200,500

Accounts Receivables...........................342,248 Short-Term notes payable ...................... $12,000

Raw Materials...................................... 98,500 Total Current Liabilities ............................ $212,500

Finished Goods Inventory....................325,540 Long-tern Notes payable..........................$500,000

Total current Asset..............................806,288 Total Liabilities .......................................$712,500

Equipment Gross.................................600,000 Common Stock.......................................$335,000

Accumulated depreciation ................(150,000) Retained Earnings................................. 206,788

Equipment Net .................................450,000 Total Stockholders equity...................... 543,788

Total Assets ...................................$1,256,288 Total liabilities and equity ....................$1,256,288

To prepare a master budget for April, May, and June of 2015, management gathers the following information:

Sales for March total 20,500 units. Forecasted sales in units are as follows: April, 20,500; May, 19,500; June, 20,000; and July, 20,500. Sales of 240,000 units are forecasted for the entire year. The product's selling price is $23.85 per unit and its total product cost is $19.85 per unit.
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 4,925 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,000 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials.
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 16,400 units, which complies with the policy.
Each finished unit requires 0.50 hours of direct labor at a rate of $15 per hour.
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.

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