Bridgeport Inc. is preparing its annual budgets for the year ending December 31, 2017. Accounting assistants furnish the data shown below. Product Product JB 50 JB 60 Sales budget: Anticipated volume in units 402,600 201,800 Unit selling price $23 $27 Production budget: Desired ending finished goods units 28,700 19,900 Beginning finished goods units 34,800 14,100 Direct materials budget: Direct materials per unit (pounds) 2 3 Desired ending direct materials pounds 34,800 19,900 Beginning direct materials pounds 43,300 12,700 Cost per pound $3 $3 Direct labor budget: Direct labor time per unit 0.4 0.6 Direct labor rate per hour $12 $12 Budgeted income statement: Total unit cost $12 $22 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $661,000 for product JB 50 and $365,000 for product JB 60, and administrative expenses of $544,000 for product JB 50 and $345,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30%Prepare the sales budget for the year. BRIDGEPORT INC. Sales Budget For the Year Ending December 31, 2017 IB 50 JB 60 Total Expected unit sales 402,600 201.800 Unit selling price 23 Total sales 9259800 $ 5448600 14,708,400 eTextbook and Media Attempts: 2 of 3 used (b) Your answer is correct. Prepare the production budget for the year. BRIDGEPORT INC. Production Budget For the Year Ending December 31, 2017 JB 50 JB 60 Expected Unit Sales 402600 201,80 Add + Desired Ending Finished Goods Units 28700 19,90 Total Required Units 431300 22170 ess + Beginning Finished Goods Units 34,800 i 14,100 Required Production Units 396500 20760(c) Your answer is correct. Prepare the direct materials budget for the year. BRIDGEPORT INC. Direct Materials Budget For the Year Ending December 31, 2017 JB 50 JB 60 396500 207600 2 3 793000 622800 iterials 34800 19900 827800 642700 43300 12700 784500 630000 3 es $ 2353500 1890000lid} In! Your answer is correct. Prepare the direct labor budget for the year. [Round Direct labor time per unit answers in 1 decimal place. eq. 52.1] e-HIIJGH'UHI INC. Direct Labor Budget For the Year Ending December 31. 201? : 13 5D 13 6D Total eTextbuuk and Media Attempts: 3 of 3 used (e) Prepare the budgeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). BRIDGEPORT INC. Budgeted Income Statement JB 50 JB 60 Total $ $ $ $ $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit AnswerGross Profit Income from Operations Operating Expenses Income Tax Expense Purchases Interest Expense Net Income / (Loss) Income before Income Taxes Total Operating Expenses Administrative Expenses Selling Expenses Ending Inventory Cost of Goods Sold Beginning Inventory Sales
