Required 1 Required 2 Complete Ceder's budgeted income statement. (Do not round the intermediate values.) CEDER CORP. Budgeted Income Statement Budgeted Gross Margin Budgeted Net Operating Income
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Ceder Company has compiled the following data for the upcoming year:
- Sales are expected to be 14,500 units at $50.00 each.
- Each unit requires 3 pounds of direct materials at $2.60 per pound.
- Each unit requires 1.4 hours of direct labor at $17.00 per hour.
- Manufacturing overhead is $3.60 per unit.
- Beginning direct materials inventory is $4,100.00.
- Ending direct materials inventory is $5,000.00.
- Selling and administrative costs totaled $136,770.
Required:
1. Determine Ceder's budgeted cost of goods sold. (do not round intermediate values)
2. Complete Ceder's
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