Budgeted income statement and supporting budgets for three months Bellaire Inc, gathered the following data for use in developing the budgets for the first quarter January, February, March) of its fiscal year: a. Estimated sales at $125 per unit: January 25,000 units February 30,000 units March 45,000 units April 50,000 units b. Estimated finished goods Inventories January 1 2,000 units January 31 10% of next month's sales February 28 10% of next month's sales March 31 10% of next month's sales c. Work in process inventories are estimated to be insignificant (zero), d. Estimated direct materials inventories: January 1 1,000 lbs. January 31 1,500 lbs. February 28 2,000 lbs 2,500 lbs e. Manufacturing costs Check My Work Save and Ex Submit Assignment for Gradin All work saved The direct materials cost budget, the direct labor cost budget, and the factory overhead budget each use the level of production from the production budget to estimate costs 6. Prepare a cost of goods sold budget for March Bellaire Inc Cost of Goods Sold Budget For the First Quarter Ending March 31 January February Beginning finished goods inventory 160,000 340,000 Cost of goods manufactured: Direct materials 200,000 X Direct labor Factory overhead March 360,000 First Quarter 760,000 X Total cost of goods manufactured Cost of finished goods available for sale Ending finished goods inventory Cost of goods sold 2,828.571 X Fock Check My Wor The cost of goods sold budget combines the budgeted costs from the direct labor, direct materials, and factory overhead budgets with estimated beginning and ending inventory to estimate a total cost of goods sold 7. Prepare a selling and administrative expenses budget for March. Enter all amounts as positive number. Beltaire Inc. Selling and Administrative Expenses Budget For the First Quarter Ending March 31 January February March First Quarter Selling expenses Total variable selling expenses opend couro de Total selling expenses Administrative expenses o B B Total selling and administrative expenses Check My Won Estimated sales from the sales budget, estimated cost of goods sold from the cost of goods sold budget, and estimated selling and administrative expenses from the selling and administrative expense budget are used to prepare a budgeted income statement 3. Prepare a budgeted income statement with budgeted operating income for March Baltalen The Previous Check My Work Next > All work saved Save and Exit Submit Assignment for Grading March First Quarter 8. Prepare a budgeted Income statement with budgeted operating Income for March Bellaire Inc. Budgeted Income Statement For the First Quarter Ending March 31 January February Sales 2.125,000 Cost of goods sold Gross profit Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Operating income pod pood nad pood ood addd Check My Wor Estimated sales from the sales budget, estimated cost of goods sold from the cost of goods sold budget, and estimated selling and administrative expenses from the selling and administrative expense budget are used to prepare a budgeted income statement F Check My Wor Dari Previous Next > Check My Work