Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

DELEON INC. Budgeted Income Statement For the Year Ending December 31, 2017 JB 50 JB 60 Total Sales Cost of Goods Sold Gross Profit Operating

image text in transcribed

image text in transcribedimage text in transcribedimage text in transcribed
DELEON INC. Budgeted Income Statement For the Year Ending December 31, 2017 JB 50 JB 60 Total Sales Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Administrative Expenses Total Operating Expenses Income from Operations S Interest Expense Income before Income Taxes Income Tax Expense Net Income / (Loss) SBridgeport 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%%. (a) Your answer is correct. Prepare the sales budget for the year. BRIDGEPORT INC. Sales Budget For the Year Ending December 31, 2017 JB 50 JB 60 Total Expected unit 402,600 201,800 sales Unit selling 27 price Total sales 9259800 5448600 14.7 eTextbook and Media Attempts: 2 of 3 usedPrepare the production budget for the year. BRIDGEPORT INC. Production Budget For the Year Ending December 31, 2017 JB 50 JB 6 Expected Unit Sales 402600 Add Desired Ending Finished Goods Units Total Required Units 255 Beginning Finished Goods Units Required Production Units eTextbook and Media Save for Later Attempts: 1 of 3 used Submit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Basic Statistics

Authors: Charles Henry Brase, Corrinne Pellillo Brase

6th Edition

978-1133525097, 1133525091, 1111827028, 978-1133110316, 1133110312, 978-1111827021

Students also viewed these Accounting questions