10. Prepare a cost of goods sold budget for 2020. 11. Prepare the budgeted income statement for Boogey, for the year ended December 31, 2020. 12. Prepare the budgeted balance sheet for Boogey, as of December 31, 2020.

Boogey Boards, Inc. manufactures and sells snowboards. Boogey manufactures a single model, the Boogey Board. In the summer of 2019, Boogey's management accountant gathered the following data to prepare budgets for 2020: Materials and Labor Requirements Direct materials Wood 5 board feet (b.ft.) per snowboard Fiberglass 6 yards per snowboard Direct manufacturing labor 5 hours per snowboard Boogey's CEO expects to sell 1,000 snowboards during 2020 at an estimated retail price of $450 per board. Further, the CEO expects 2020 beginning inventory of 100 snowboards and would like to end 2020 with 200 snowboards in stock Direct Material Inventories Beginning inventory 1/1/2020 Ending inventory 12/31/2020 Wood 2,000 b.ft. 1,500 b.ft. Fiberglass 1,000 yards 2,000 yards Variable manufacturing overhead is $7 per direct manufacturing labor-hour. There are also $66,000 in fixed manufacturing overhead costs budgeted for 2020. Boogey combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $250 per sales visit. The marketing plan calls for 30 sales visits during 2020. Finally, there are $30,000 in Fixed nonmanufacturing costs budgeted for 2020. Other data include the following: 2019 Unit price 2020 Unit price Wood $28.00 per b.ft. $30.00 per b.ft. Fiberglass $ 4.80 per yard $ 5.00 per yard Direct manufacturing labor $24.00 per hour $25.00 per hour The inventoriable unit cost for ending finished goods inventory on December 31, 2019, is $374.80. Assume Boogey uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Budgeted balances on December 31, 2019, in the selected accounts are as follows: Cash $ 10,000 Property, plant and equipment (net) 850,000 Current liabilities 17,000 Long-term liabilities 178,000 Stockholders' equity 800,000