33. Monker Dining Room Furniture manufactures two models of dining table sets: Traditional and Contemporary. Manufacturing requirements are as follows:

This year, Monker sold 1,000 Traditional sets at $2,500 each and 900 Contemporary sets at $3,000 each. Fixed manufacturing overhead was $500,000, and period expenses (all fixed)
were $700,000.
Monker estimates that sales of both products will increase 10% each year in the future, and that total fixed costs and per-unit variable costs will remain the same as this year. Monker’s inventory policy is to end each period with 10% of the following year’s sales needs in finished goods inventory and 10% of the following year’s production needs in raw materials inventory. Ending finished goods inventory this year is worth $450,000.
Prepare all budgets necessary to result in a budgeted income statement for next year.

Transcribed Image Text:

Traditional Contemporary Materials Oak: 100 square feet Oak: 60 square feet Labor 15 hours Glass top: 1 20 hours