Homework Answers
Solution 1:
| ZIGBY MANUFACTURING | |||
| Sales Budget | |||
| April, May, and June 2017 | |||
| Budgeted Unit Sales | Budgeted Unit Price | Budgeted Sales Dollars | |
| Apr-17 | 25000 | $26.00 | $650,000.00 |
| May-17 | 17000 | $26.00 | $442,000.00 |
| Jun-17 | 22400 | $26.00 | $582,400.00 |
| Totals for the second quarter | 64400 | $26.00 | $1,674,400.00 |
Solution 2:
| ZIGBY MANUFACTURING | |||
| Production Budget | |||
| April, May, and June 2017 | |||
| April | May | June | |
| Next month's budgeted sales (units) | 17000 | 22400 | 25000 |
| Ratio of inventory to future sales | 80% | 80% | 80% |
| Desired ending inventory | 13600 | 17920 | 20000 |
| Budgeted sales units | 25000 | 17000 | 22400 |
| Required units of available production | 38600 | 34920 | 42400 |
| Beginning inventory | 20000 | 13600 | 17920 |
| Units to be produced | 18600 | 21320 | 24480 |
Solution 3:
| ZIGBY MANUFACTURING | |||
| Raw Materials Budget | |||
| April, May, and June 2017 | |||
| April | May | June | |
| Production budget (units) | 18600 | 21320 | 24480 |
| Raw material per unit | 0.5 | 0.5 | 0.5 |
| Materials needed for production | 9300 | 10660 | 12240 |
| Desired ending inventory | 5330 | 6120 | 5900 |
| Total materials requirements (units) | 14630 | 16780 | 18140 |
| Beginning inventory | 4650 | 5330 | 6120 |
| Materials to be purchased | 9980 | 11450 | 12020 |
| Material price per unit | $20.00 | $20.00 | $20.00 |
| Budgeted raw material purchases | $199,600.00 | $229,000.00 | $240,400.00 |
Solution 4:
| ZIGBY MANUFACTURING | ||||
| Direct Labor Budget | ||||
| April, May, and June 2017 | ||||
| April | May | June | Total | |
| Budgeted production (units) | 18600 | 21320 | 24480 | 64400 |
| Direct labor hour per unit | 0.5 | 0.5 | 0.5 | 0.5 |
| Total labor hours needed | 9300 | 10660 | 12240 | 32200 |
| Direct labor rate per hour | $15.00 | $15.00 | $15.00 | $15.00 |
| Budgeted direct labor cost | $139,500.00 | $159,900.00 | $183,600.00 | $483,000.00 |
Solution 5:
| ZIGBY MANUFACTURING | ||||
| Factory overhead Budget | ||||
| April, May, and June 2017 | ||||
| April | May | June | Total | |
| Labor hours needed | 9300 | 10660 | 12240 | 32200 |
| Variable overhead rate per hour | $4.60 | $4.60 | $4.60 | $4.60 |
| Budgeted variable overhead | $42,780.00 | $49,036.00 | $56,304.00 | $148,120.00 |
| Budgeted fixed overhead | $39,710.00 | $39,710.00 | $39,710.00 | $119,130.00 |
| Budgeted total overhead | $82,490.00 | $88,746.00 | $96,014.00 | $267,250.00 |
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ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets $ 59,000 487,500 93,010 433,000 1,072,510 638,000...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets 43,000 432,900 86,198 387,168 949,266 606,000 (153, 000) 453,000 $1,402,266 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Necumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity 58,000 484,640 91,290 393, 304 1.027,234 616.000 (160,000) 468,000 $1,495,234...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 53,000 Accounts receivable 392,400 Raw materials inventory 96,600 Finished goods 313, 920 inventory Total current assets 855,920 Equipment, gross 626,000 Accumulated depreciation (163,000) Equipment, net 463.000 Total assets $1,318.920 Liabilities and Equity Accounts payable $ 204,800 Short-term notes 25,000 payable Total current liabilities 229,800 Long-term note payable – 520,000 Total liabilities 749,800 Common stock 348,000...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet ch 31, 2017 Assets Cash S 58,000 484,640 91,290 393,304 Accounts receivable Raw materials inventory Finished goods inventory Total current assets 1,027,234 636,000 (168,000) Equipment, gross Accumulated depreciation Equipment, net 468,000 Total assets $1,495,234 Liabilities and Equity Accounts payable 206,390 30.000 payable -term no ities 236,390 525,000 otal Lonq-term note payable Total liabilities 761,390 353,000 380,844 733,844 Common stock Retained earnings...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 42,000 Accounts receivable 364,000 Raw materials inventory 107,200 Finished goods 349,440 inventory Total current assets 862, 640 Equipment, gross 604,000 Accumulated (152,000) depreciation Equipment, net 452,000 Total assets $1,314,640 Liabilities and Equity Accounts payable $ 211,300 Short-term notes payable 14,000 Total current liabilities 225,300 Long-term note payable 510,000 Total liabilities 735,300 Common stock 337,000 Retained...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 20...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets $ 65, 000 437,760 90,200 308,028 900,988 630,000 (165,000) 465,000 $1,365,988 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: To prepare...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: To prepare a master budget for April May, and June of 2017. management gathers the following information: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 53,000 Accounts receivable 392,400 Raw materials inventory 96,600 Finished goods 313,920 inventory Total current assets 855,920 Equipment, qross 626,000 Accumulated (163,000) depreciation Equipment, net 463,000 Total assets $1,318,920 Liabilities and Equity Accounts payable $ 204,800 Short-term notes payable...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods Inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Connon stock Retained earnings Total stockholders equity Total liabilities and equity 65.ee 434,850 87,505 374 640 961,995 624,000 (162,888) 462.000 $ 1,423,995...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March 2017:
ZIGBY MANUFACTURING
Estimated Balance Sheet
March 31, 2017
Assets
Cash
$
48,000
Accounts receivable
438,750
Raw materials inventory
87,900
Finished goods inventory
383,760
Total current assets
958,410
Equipment, gross
616,000
Accumulated depreciation
(158,000
)
Equipment, net
458,000
Total assets
$
1,416,410
Liabilities and Equity
Accounts payable
$
187,200
Short-term notes payable
20,000
Total current liabilities
207,200
Long-term note payable
508,000
Total liabilities
715,200
Common stock
343,000...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity 46,000 386,925 96, 290 327,831 857,046 612,000 (156,000) 456,000 $1,313,046 $...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets 43,000 432,900 86,198 387,168 949,266 606,000 (153, 000) 453,000 $1,402,266 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Necumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity 58,000 484,640 91,290 393, 304 1.027,234 616.000 (160,000) 468,000 $1,495,234...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 53,000 Accounts receivable 392,400 Raw materials inventory 96,600 Finished goods 313, 920 inventory Total current assets 855,920 Equipment, gross 626,000 Accumulated depreciation (163,000) Equipment, net 463.000 Total assets $1,318.920 Liabilities and Equity Accounts payable $ 204,800 Short-term notes 25,000 payable Total current liabilities 229,800 Long-term note payable – 520,000 Total liabilities 749,800 Common stock 348,000...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet ch 31, 2017 Assets Cash S 58,000 484,640 91,290 393,304 Accounts receivable Raw materials inventory Finished goods inventory Total current assets 1,027,234 636,000 (168,000) Equipment, gross Accumulated depreciation Equipment, net 468,000 Total assets $1,495,234 Liabilities and Equity Accounts payable 206,390 30.000 payable -term no ities 236,390 525,000 otal Lonq-term note payable Total liabilities 761,390 353,000 380,844 733,844 Common stock Retained earnings...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 42,000 Accounts receivable 364,000 Raw materials inventory 107,200 Finished goods 349,440 inventory Total current assets 862, 640 Equipment, gross 604,000 Accumulated (152,000) depreciation Equipment, net 452,000 Total assets $1,314,640 Liabilities and Equity Accounts payable $ 211,300 Short-term notes payable 14,000 Total current liabilities 225,300 Long-term note payable 510,000 Total liabilities 735,300 Common stock 337,000 Retained...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets $ 65, 000 437,760 90,200 308,028 900,988 630,000 (165,000) 465,000 $1,365,988 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: To prepare a master budget for April May, and June of 2017. management gathers the following information: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 53,000 Accounts receivable 392,400 Raw materials inventory 96,600 Finished goods 313,920 inventory Total current assets 855,920 Equipment, qross 626,000 Accumulated (163,000) depreciation Equipment, net 463,000 Total assets $1,318,920 Liabilities and Equity Accounts payable $ 204,800 Short-term notes payable...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods Inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Connon stock Retained earnings Total stockholders equity Total liabilities and equity 65.ee 434,850 87,505 374 640 961,995 624,000 (162,888) 462.000 $ 1,423,995...
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March 2017:
ZIGBY MANUFACTURING
Estimated Balance Sheet
March 31, 2017
Assets
Cash
$
48,000
Accounts receivable
438,750
Raw materials inventory
87,900
Finished goods inventory
383,760
Total current assets
958,410
Equipment, gross
616,000
Accumulated depreciation
(158,000
)
Equipment, net
458,000
Total assets
$
1,416,410
Liabilities and Equity
Accounts payable
$
187,200
Short-term notes payable
20,000
Total current liabilities
207,200
Long-term note payable
508,000
Total liabilities
715,200
Common stock
343,000...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity 46,000 386,925 96, 290 327,831 857,046 612,000 (156,000) 456,000 $1,313,046 $...
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