How do I solve the chart? es:0F1CashAccounts receivableRaw materials inventoryFinished goods inventoryEquipmentLess: Accumulated depreciationTotal assetsAssetsCommon stockRetained earningsTotal liabilities and equityTo prepare a master budget for April, May, and June, management gathers the following information.2F2WS#$ 600,000150,0003a. Sales for March total 20,500 units. Budgeted sales in units follow: April, 20,500; May, 19,500; June, 20,000; and July, 20,500. Theproduct'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 endingmaterials inventory to equal 50% of the next month's direct materials requirements. The March 31 raw materials inventory is 4,925pounds. The budgeted June 30 ending raw materials inventory is 4,000 pounds. Each finished unit requires 0.50 pound of directmaterials.80F3Ec. 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 16,400 units.d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour.DZIGBY MANUFACTURINGBalance SheetMarch 31e. The predetermined variable overhead rate is $2.70 per direct labor hour. Depreciation of $20,000 per month is the only fixedfactory overhead item.f. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is $3,000.g. Monthly general and administrative expenses include $12,000 for administrative salaries and 0.9% monthly interest on the long-term note payable.h. The company budgets 30% of sales to be for cash and the remaining 70% on credit. Credit sales are collected in full in the monthfollowing the sale (no credit sales are collected in the month of sale).$i. All raw materials purchases are on credit, and accounts payable are solely tied to raw materials purchases. Raw materialspurchases 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 $40,000. If necessary, the company borrows enough cash using a loan to reachthe minimum. Loans require an interest payment of 1% at each month-end (before any repayment). If the month-end preliminarycash balance exceeds the minimum, the excess will be used to repay any loans.k. Dividends of $10,000 are budgeted to be declared and paid in May.41. No cash payments for income taxes are budgeted in the second calendar quarter. Income tax will be assessed at 35% in the quarterand budgeted to be paid in the third calendar quarter.m. Equipment purchases of $100,000 are budgeted for the last day of June.$ 40,000 Liabilities344,40098,500325,540450,000$ 1,258,440F4RLLEquity%Accounts payableLoan payableLong-term note payable5Liabilities and Equity오F5TGPrev6F61 of 1Y$ 201,00012,000500,000&7335,000210,440Next F7U$ 713,000545,440$ 1,258,440* 008DIIF819zF9H J K00F15 ignment ipara vivery Nunyewivi u1. 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.Complete this question by entering your answers in the tabs below.Req 12Req 2General and administrative expense budget.WTotal general and administrative expensesF2#Req 33E20F3Req 4$4ZIGBY MANUFACTURINGGeneral and Administrative Expense BudgetAprilMayy, and.Req 5PrevSaved

Question

How do I solve the chart? es:0F1CashAccounts receivableRaw materials inventoryFinished goods inventoryEquipmentLess: Accumulated depreciationTotal assetsAssetsCommon stockRetained earningsTotal liabilities and equityTo prepare a master budget for April, May, and June, management gathers the following information.2F2WS#$ 600,000150,0003a. Sales for March total 20,500 units. Budgeted sales in units follow: April, 20,500; May, 19,500; June, 20,000; and July, 20,500. Theproduct'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 endingmaterials inventory to equal 50% of the next month's direct materials requirements. The March 31 raw materials inventory is 4,925pounds. The budgeted June 30 ending raw materials inventory is 4,000 pounds. Each finished unit requires 0.50 pound of directmaterials.80F3Ec. 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 16,400 units.d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour.DZIGBY MANUFACTURINGBalance SheetMarch 31e. The predetermined variable overhead rate is $2.70 per direct labor hour. Depreciation of $20,000 per month is the only fixedfactory overhead item.f. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is $3,000.g. Monthly general and administrative expenses include $12,000 for administrative salaries and 0.9% monthly interest on the long-term note payable.h. The company budgets 30% of sales to be for cash and the remaining 70% on credit. Credit sales are collected in full in the monthfollowing the sale (no credit sales are collected in the month of sale).$i. All raw materials purchases are on credit, and accounts payable are solely tied to raw materials purchases. Raw materialspurchases 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 $40,000. If necessary, the company borrows enough cash using a loan to reachthe minimum. Loans require an interest payment of 1% at each month-end (before any repayment). If the month-end preliminarycash balance exceeds the minimum, the excess will be used to repay any loans.k. Dividends of $10,000 are budgeted to be declared and paid in May.41. No cash payments for income taxes are budgeted in the second calendar quarter. Income tax will be assessed at 35% in the quarterand budgeted to be paid in the third calendar quarter.m. Equipment purchases of $100,000 are budgeted for the last day of June.$ 40,000 Liabilities344,40098,500325,540450,000$ 1,258,440F4RLLEquity%Accounts payableLoan payableLong-term note payable5Liabilities and Equity오F5TGPrev6F61 of 1Y$ 201,00012,000500,000&7335,000210,440Next >F7U$ 713,000545,440$ 1,258,440* 008DIIF819zF9H J K00F15 ignment ipara vivery Nunyewivi u1. 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.Complete this question by entering your answers in the tabs below.Req 12Req 2General and administrative expense budget.WTotal general and administrative expensesF2#Req 33E20F3Req 4$4ZIGBY MANUFACTURINGGeneral and Administrative Expense BudgetAprilMayy, and.Req 5< Req 6QF4R%LOCOM FASTLES51500-1Req 69F5AN AMATReq 7JuneReq 8 to 10 >PrevSaved<6Req 8 to 10$$1 of 1F6Y000&7Req 11NextF7UReq 12*8DIIF8I9F9

Accepted Answer

General and administrative expenses budget :— This budget is prepared to estimate the general and…