Cullumber Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the following. Product JB 50 Product JB 60 Sales budget Anticipated volume in units 512,000 256,000 Unit selling price $20 $ 25 Production budget: Desired ending finished goods units 38,400 19,200 Beginning finished goods units 32,000 12.800 Direct materials budget: Direct materials per unit (pounds) 3 Desired ending direct materials pounds 38,400 12.800 Beginning direct materials pounds 51,200 19,200 Cost per pound $3 $4 Direct labor budget: Direct labor time per unit 0.40 0.60 Direct labor rate per hour $12 $ 12 Prepare the budgeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). CULLUMBER INC. Budgeted Income Statement For the Year Ending December 31, 2022 JB 50 JB 60 Total Sales $ 10240000 $ 6400000 16640000 Cost of Goods Sold 665600 5120000 5785600 Gross Profit 9574400 1280000 10,854,400 Operating Expenses Selling Expenses 512000 256.000 768000 Administrative Expenses Total Operating Expenses Cost of Goods Sold 665600 5120000 5785600 Gross Profit 9574400 1280000 10,854,400 Operating Expenses Selling Expenses 512000 256.000 768000 Administrative Expenses Total Operating Expenses Income from Operations $ $ Interest Expense Income before Income Taxes Income Tax Expense Net Income /(Loss) Cullumber Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the following. Product JB 50 Product JB 60 Sales budget Anticipated volume in units 512,000 256,000 Unit selling price $20 $ 25 Production budget: Desired ending finished goods units 38,400 19,200 Beginning finished goods units 32,000 12.800 Direct materials budget: Direct materials per unit (pounds) 3 Desired ending direct materials pounds 38,400 12.800 Beginning direct materials pounds 51,200 19,200 Cost per pound $3 $4 Direct labor budget: Direct labor time per unit 0.40 0.60 Direct labor rate per hour $12 $ 12 Prepare the budgeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). CULLUMBER INC. Budgeted Income Statement For the Year Ending December 31, 2022 JB 50 JB 60 Total Sales $ 10240000 $ 6400000 16640000 Cost of Goods Sold 665600 5120000 5785600 Gross Profit 9574400 1280000 10,854,400 Operating Expenses Selling Expenses 512000 256.000 768000 Administrative Expenses Total Operating Expenses Cost of Goods Sold 665600 5120000 5785600 Gross Profit 9574400 1280000 10,854,400 Operating Expenses Selling Expenses 512000 256.000 768000 Administrative Expenses Total Operating Expenses Income from Operations $ $ Interest Expense Income before Income Taxes Income Tax Expense Net Income /(Loss)
