Chapter 21 PR 21-3B eBook Calculator 1. PR.21-03B Budgeted 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 use in developing the budgeted income statement for March: a. Estimated sales for March: Batting helmet 1,200 units at $10 per unit Football helmet 6,500 units at $160 per unit b. Estimated Inventories at March 1: Direct materials: Plastic 90 lbs. Foam lining 80 lbs. Finished products: Batting helmet 40 units at $25 per unit 240 units at $77 per unit Football helmet c. Desired inventories at March 31: Direct materials: Plastic 50 lbs. Foam lining 65 lbs Finished products: Batting 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 helmet: Plastic 1.2 lbs. per unit of product Foam lining 0.5 lb, per unit of product Check My Work Progress: 1/1 items Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Chapter 21 PR 21-3B eBook Calculator ? 1. PR.21-03B Foam lining 0.5 lb. per unit of product In manufacture of football helmet: Plastic 3.5 lbs. per unit of product Foam lining 1.5 lbs. per unit of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic $6 per ib. Foam lining $4 per lb. f. Direct labor requirements: Batting helmet: Molding Department 0.2 hr. at $20 per hr Assembly Department 0.5 hr. at $14 per hr. Football helmet: Molding Department 0.5 hr. at $20 per hr Assembly Department 1.8 hrs. at $14 per hr. 9. Estimated factory overhead costs for March: Indirect factory wages $86,000 Depreciation of plant and equipment 12,000 Power and light 4,000 Insurance and property tax 2,300 h. Estimated operating expenses for March: Sales salaries expense $184,300 Advertising expense 87,200 Office salaries expense 32,400 Depreciation expense-office equipment 3,800 Telephone expense-selling 5,800 Check My Work Progress: 1/1 items Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Chapter 21 PR 21-3B oBook Calculator Office salaries expense ? 1. PR.21-03B 32,400 3,800 Depreciation expense-office equipment Telephone expense-selling Telephone expense administrative 5,800 1,200 9,000 1,100 Travel expense-selling Orice supplies expense Miscellaneous administrative expense i. Estimated other income and expense for March: Interest revenue 1,000 $940 872 Interest expense j. Estimated tax rate: 30% Required: 1. Prepare a sales budget for March. Enter all amounts as positive numbers. Gold Medal Athletic Co. Sales Budget For the Month Ending March 31 Unit Sales Volume Unit Selling Price Total Sales Batting helmet Football helmet Total revenue from sales $ 2. Prepare a production budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Check My Work Progress: 1/1 items Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Chapter 21 PR 21-3B eBook Calculator 1. PR.21-03B 2. Prepare a production budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Gold Medal Athletic Co. Production Budget For the Month Ending March 31 Units Batting helmet Football helmet Accounting numeric field 3. Prepare a direct materials purchases budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Gold Medal Athletic Co. Direct Materials Purchases Budget For the Month Ending March 31 Plastic Foam Lining Total Units required for production: Batting helmet Football helmet Desired units of Inventory, March 31 Teballnite available Check My Work Progress: 1/1 items Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Chapter 21 PR 21-3B cBook Calculator 1. PR.21-03B ? Desired units of Inventory, March 31 Total units available Estimated units of inventory, March 1 Total units to be purchased Unit price $ $ Total direct materials to be purchased $ 4. Prepare a direct labor cost budget for March. Enter all amounts as positive numbers. Gold Medal Athletic Co. Direct Labor Cost Budget For the Month Ending March 31 Molding Department Assembly Department Total Hours required for production: Batting helmet Football helmet Total Hourly rate $ 5 Total direct labor cast $ $ 5. Prepare a factory overhead cost budget for March. Check My Work Progress: 1/1 Items Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Chapter 21 PR 21-3B eBook Calculator 5. Prepare a factory overhead cost budget for March. 1. PR.21-03B . Gold Medal Athletic Co. Factory Overhead Cost Budget For the Month Ending March 31 Total 6. Prepare a cost of goods sold budget for March. Work in process at the beginning of March is estimated to be $15,300, and work in process at the end of March is desired to be s14,800. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Gold Medal Athletic Co. Cost of Goods Sold Budget For the Month Ending March 31 Direct materials: Cost of direct materials available for use S Check My Work Progress: 1/1 Items Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Chapter 21 PR 21-3B eBook Calculator UUSLI Tec Talendis available Tur use 1. PR.21-03B Cost direct materials placed in production s Total manufacturing costs Total work in process during period $ Cost of goods manufactured Cost of finished goods available for sale Cost of goods sold 7. Prepare a selling and administrative expenses budget for March. Gold Medal Athletic Co. Selling and Administrative Expenses Budget For the Month Ending March 31 Selling expenses Check My Work Progress: 1/1 items Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Chapter 21 PR 21-3B eBook Calculator ? 1. PR. 21-03B 7. Prepare a selling and administrative expenses budget for March. Gold Medal Athletic Co. Selling and Administrative Expenses Budget For the Month Ending March 31 Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses 8. Prepare a budgeted income statement for March. Check My Work Progress: 1/1 items Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Chapter 21 PR 21-3B eBook Calculator Total administrative expenses 1. PR.21-03B Total operating expenses 8. Prepare a budgeted Income statement for March. Gold Medal Athletic Co. Budgeted Income Statement For the Month Ending March 31 Operating expenses: Total operating expenses Income from operations Other revenue and expense: Income before income tax Net income $ Check My Work Progress: 1/1 items Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading