Budgcted income statement and supporting budgets The budget director of Gold Medal Athletic Co, with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for ise in developing the budgeted income statement for March: 3. Eitimated sales for March: Batting helmet 1,200 units at $40 per unit Footbail helmet 6,500 units at $160 per unit b. Eritimated inventories at Merch it Direct miaterials Plastic 90 (bs: foam lining ao lbs: Finshed productsi. eatting heimet 40 unitu at 525 per winit. Footbali helmet 240 urits at si? per unt. c Dealeed unmentories at Marchias? Dicent matenilisi Phastie 50 ibs. Fuam liting 65 lbe. Finshed pergutes Getbing luitmie 50 units at 335 ger uinet Foertail peimet 230 .aties ae i7d pei initi Bating helmet 50 units at $25 per unit Football helmet 220 units at $78 per unit d. Direct materials used in production: In manufacture of batting heimet: Plastic 1.2 lbs, per unit of product Foam lining 0.5lb. per unit of product In manufacture of football helmet: Plastic 3.5 lbs. per unit of product Foam lining 1.5 bs. per unit of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic $5 per lb. Foam lining $4 per lb. 9. Estimated factory overhead costs for March: h. Estimated operating expenses for March: 1. Eistimated other revenue and expense for March: I. Estimated other revenue and expense for March: 1. Estimated tax rate: 30% Required: 1. Prepare a fides budget for March. Enter all amounts as positive numbers. 1. Prepare a eakles budaet for March. Enter all arnounts as positive numbers. 2. Prepare a productibt budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign. For the Month Ending March 31 3. Prepare a dired anatarials purchises budoet for March. For those boxes in which vou must enter subtracted or negative numbers use a minus sign. Gold Medal Athletic Co. Direct Materials Purchases Budget For the Month Ending March 31 Mruts required for production: Botting beimet Footbitlinemet Gesired units of inventory, March is Total vits ovalisple 4. Prepare a diregt asagn aopt ladgat for March. Enter all amounts as pos tive numbers. 5. Prepare a Pactoly overheisd cost budget for March. 6. Prepare a coet of goods suld budget for March. Work in process at the beginnilig of March is estimated to be sts,300, and workin process at the end of March is desired to be \$14,000. For those boxes in which you must enter bubtracted or nogmive numbers ube a minus sign. 7. Prepare a selling and administrative expenses budget for March. 8. Prepare a budaeted income statement for Mamh Total operating expenses Operating income Other revenue and expense: Income before income tax Net income Budgcted income statement and supporting budgets The budget director of Gold Medal Athletic Co, with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for ise in developing the budgeted income statement for March: 3. Eitimated sales for March: Batting helmet 1,200 units at $40 per unit Footbail helmet 6,500 units at $160 per unit b. Eritimated inventories at Merch it Direct miaterials Plastic 90 (bs: foam lining ao lbs: Finshed productsi. eatting heimet 40 unitu at 525 per winit. Footbali helmet 240 urits at si? per unt. c Dealeed unmentories at Marchias? Dicent matenilisi Phastie 50 ibs. Fuam liting 65 lbe. Finshed pergutes Getbing luitmie 50 units at 335 ger uinet Foertail peimet 230 .aties ae i7d pei initi Bating helmet 50 units at $25 per unit Football helmet 220 units at $78 per unit d. Direct materials used in production: In manufacture of batting heimet: Plastic 1.2 lbs, per unit of product Foam lining 0.5lb. per unit of product In manufacture of football helmet: Plastic 3.5 lbs. per unit of product Foam lining 1.5 bs. per unit of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic $5 per lb. Foam lining $4 per lb. 9. Estimated factory overhead costs for March: h. Estimated operating expenses for March: 1. Eistimated other revenue and expense for March: I. Estimated other revenue and expense for March: 1. Estimated tax rate: 30% Required: 1. Prepare a fides budget for March. Enter all amounts as positive numbers. 1. Prepare a eakles budaet for March. Enter all arnounts as positive numbers. 2. Prepare a productibt budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign. For the Month Ending March 31 3. Prepare a dired anatarials purchises budoet for March. For those boxes in which vou must enter subtracted or negative numbers use a minus sign. Gold Medal Athletic Co. Direct Materials Purchases Budget For the Month Ending March 31 Mruts required for production: Botting beimet Footbitlinemet Gesired units of inventory, March is Total vits ovalisple 4. Prepare a diregt asagn aopt ladgat for March. Enter all amounts as pos tive numbers. 5. Prepare a Pactoly overheisd cost budget for March. 6. Prepare a coet of goods suld budget for March. Work in process at the beginnilig of March is estimated to be sts,300, and workin process at the end of March is desired to be \$14,000. For those boxes in which you must enter bubtracted or nogmive numbers ube a minus sign. 7. Prepare a selling and administrative expenses budget for March. 8. Prepare a budaeted income statement for Mamh Total operating expenses Operating income Other revenue and expense: Income before income tax Net income