Kalven Company has budgeted the following for the year 2020: 1. Sales: 53,200 units; unit selling...
Kalven Company has budgeted the following for the year
2020:
1. Sales: 53,200 units; unit selling price $70
2. Cost of one unit of finished goods: direct materials, 2kg at $4 per kg; direct labour, 4 hours at $11 per hour; and manufacturing overhead, $2 per direct labour hour.
3. Selling and administrative expenses: $161,000
4. Income taxes: 25% of income before income taxes.
Prepare a budgeted income statement for 2020.
Homework Answers
| Kalven Company | |
| Budgeted Income Statement | |
| For the year ended December 31, 2020 | |
| Sales revenue (53200*70) | $ 3,724,000 |
| Cost of Goods Sold [(53200*(2*4+4*11)) | $ 2,766,400 |
| Gross Profits | $ 957,600 |
| Selling & Administrative expenses | $ 161,000 |
| Operating Income | $ 796,600 |
| Net Income before income tax expense | $ 796,600 |
| Income Tax Expense (796600*25%) | $ 199,150 |
| Net Income | $ 597,450 |
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Kalven Company has budgeted the following for the year
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year 2020.
1.
Sales: 31,380 units, unit selling price $90.
2.
Cost of one unit of finished goods: direct materials 1 pound at
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manufacturing overhead $6 per direct labor hour.
3.
Inventories (raw materials only): beginning, 10,370 pounds;
ending, 15,270 pounds.
4.
Selling and administrative expenses: $170,000; interest
expense: $30,000.
5.
Income taxes: 30% of income before income...
Concord Company has accumulated the following budget data for the year 2017. 1. Sales: 31,330 units,...
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Exercise 9-13 (Video)
Fultz Company has accumulated the following budget data for the
year 2020.
1.
Sales: 31,410 units, unit selling price $89.
2.
Cost of one unit of finished goods: direct materials 1 pound at
$5 per pound, direct labor 3 hours at $12 per hour, and
manufacturing overhead $8 per direct labor hour.
3.
Inventories (raw materials only): beginning, 10,240 pounds;
ending, 15,220 pounds.
4.
Selling and administrative expenses: $170,000; interest
expense: $30,000.
5.
Income taxes: 30% of...
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Fultz Company has accumulated the following budget data for the
year 2020.
1.
Sales: 31,380 units, unit selling price $90.
2.
Cost of one unit of finished goods: direct materials 1 pound at
$5 per pound, direct labor 3 hours at $12 per hour, and
manufacturing overhead $6 per direct labor hour.
3.
Inventories (raw materials only): beginning, 10,370 pounds;
ending, 15,270 pounds.
4.
Selling and administrative expenses: $170,000; interest
expense: $30,000.
5.
Income taxes: 30% of income before income...
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Exercise 9-13 (Video)
Fultz Company has accumulated the following budget data for the
year 2020.
1.
Sales: 31,410 units, unit selling price $89.
2.
Cost of one unit of finished goods: direct materials 1 pound at
$5 per pound, direct labor 3 hours at $12 per hour, and
manufacturing overhead $8 per direct labor hour.
3.
Inventories (raw materials only): beginning, 10,240 pounds;
ending, 15,220 pounds.
4.
Selling and administrative expenses: $170,000; interest
expense: $30,000.
5.
Income taxes: 30% of...
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