NOTENBA MINTNA BACK Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,310 units, unit selling price $85. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and 2. manufacturing overhead $7 per direct labor hour. Inventories (raw materials only): beginning, 10,100 pounds; ending, 15,400 pounds. Selling and administrative expenses: $170,000; interest expense: $30,000. 3. 4. 5. Income taxes: 30% of income before income taxes. Prepare a schedule sho neld fer 2020

Principles of Accounting Volume 2
19th Edition
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Author:OpenStax
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Chapter7: Budgeting
Section: Chapter Questions
Problem 1PA: Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and...
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Kimmel, Accounting, 7e
Help | System Announcements
Prepare a budgeted multiple-step income statement for 2020.
FULTZ COMPANY
Budgeted Income Statement
tive
Open Show
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Transcribed Image Text:Kimmel, Accounting, 7e Help | System Announcements Prepare a budgeted multiple-step income statement for 2020. FULTZ COMPANY Budgeted Income Statement tive Open Show Click if you would like to Show Work for this question: > > > >
CALCULATOR
PRINTER VERSION
BACK
INE
Fultz Company has accumulated the following budget data for the year 2020.
1.
Sales: 31,310 units, unit selling price $85.
Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and
2.
manufacturing overhead $7 per direct labor hour.
3.
Inventories (raw materials only): beginning, 10,100 pounds; ending, 15,400 pounds.
4.
Selling and administrative expenses: $170,000; interest expense: $30,000.
5.
Income taxes: 30% of income before income taxes.
Prepare a schedule showing the computation of cost of goods sold for 2020.
FULTZ COMPANY
Computation of Cost of Goods Sold
Cost of one unit of finished goods:
Direct materials
2$
Direct labor
Manufacturing overhead
Total
%24
Cost of Goods Sold
Transcribed Image Text:CALCULATOR PRINTER VERSION BACK INE Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,310 units, unit selling price $85. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and 2. manufacturing overhead $7 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,100 pounds; ending, 15,400 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30% of income before income taxes. Prepare a schedule showing the computation of cost of goods sold for 2020. FULTZ COMPANY Computation of Cost of Goods Sold Cost of one unit of finished goods: Direct materials 2$ Direct labor Manufacturing overhead Total %24 Cost of Goods Sold
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