Deleon Inc. is preparing its annual budgets for the year ending December 31, 2020. Accounting assistants furnish the data shown below.

		Product JB 50		Product JB 60
Sales budget:
Anticipated volume in units		403,300		202,500
Unit selling price		$ 21		$ 28
Production budget:
Desired ending finished goods units		26,800		16,700
Beginning finished goods units		33,800		12,900
Direct materials budget:
Direct materials per unit (pounds)		1		2
Desired ending direct materials pounds		33,300		18,800
Beginning direct materials pounds		44,800		13,300
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		$ 14		$ 21

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 $ 364,000 for product JB 60, and administrative expenses of $ 541,000 for product JB 50 and $ 341,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30%.

DELEON INC. Direct Labor Budget choose the accounting period December 31, 2020For the Year Ending December 31, 2020For the Quarter Ending December 31, 2020
		JB 50		JB 60		Total
select an opening labor budget item Total Cost of Direct Materials PurchasesDirect Materials PurchasesDirect Labor Time (Hours) per UnitDesired Ending Finished Goods UnitsTotal Materials RequiredDesired Ending Direct MaterialsUnits to be ProducedCost per PoundDirect Materials per UnitBeginning Direct MaterialsRequired Production UnitsDirect Labor Cost per HourTotal Required Direct Labor HoursTotal Direct Labor CostBeginning Finished Goods UnitsExpected Unit SalesTotal Required UnitsTotal Pounds Needed for Production		enter a number of units		enter a number of units
select a labor budget item Required Production UnitsTotal Required Direct Labor HoursDirect Materials PurchasesTotal Cost of Direct Materials PurchasesBeginning Direct MaterialsTotal Direct Labor CostTotal Materials RequiredExpected Unit SalesBeginning Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time (Hours) per UnitDesired Ending Direct MaterialsTotal Pounds Needed for ProductionCost per PoundDirect Materials per UnitUnits to be ProducedTotal Required UnitsDesired Ending Finished Goods Units		enter a number of hours		enter a number of hours
select a summarizing line for the first part Required Production UnitsExpected Unit SalesTotal Direct Labor CostDirect Materials PurchasesDirect Labor Time (Hours) per UnitBeginning Direct MaterialsTotal Pounds Needed for ProductionTotal Required UnitsDirect Materials per UnitTotal Materials RequiredBeginning Finished Goods UnitsDirect Labor Cost per HourDesired Ending Direct MaterialsTotal Required Direct Labor HoursDesired Ending Finished Goods UnitsCost per PoundTotal Cost of Direct Materials PurchasesUnits to be Produced		enter a total number of hours for the first part		enter a total number of hours for the first part
select a labor budget item Total Required UnitsTotal Direct Labor CostDirect Materials PurchasesExpected Unit SalesDirect Labor Time (Hours) per UnitTotal Required Direct Labor HoursCost per PoundTotal Cost of Direct Materials PurchasesDirect Labor Cost per HourDesired Ending Finished Goods UnitsTotal Pounds Needed for ProductionBeginning Finished Goods UnitsDesired Ending Direct MaterialsDirect Materials per UnitTotal Materials RequiredRequired Production UnitsBeginning Direct MaterialsUnits to be Produced		$ enter a dollar amount		$ enter a dollar amount
select a closing labor budget item Direct Materials per UnitCost per PoundTotal Pounds Needed for ProductionDesired Ending Direct MaterialsTotal Required UnitsExpected Unit SalesUnits to be ProducedDesired Ending Finished Goods UnitsDirect Materials PurchasesTotal Cost of Direct Materials PurchasesRequired Production UnitsTotal Direct Labor CostBeginning Direct MaterialsBeginning Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time (Hours) per UnitTotal Materials RequiredTotal Required Direct Labor Hours		$ enter a total dollar amount		$ enter a total dollar amount		$ enter a total dollar amount

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Prepare the budegeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products).

DELEON INC. Budgeted Income Statement choose the accounting period For the Quarter Ending December 31, 2020For the Year Ending December 31, 2020December 31, 2020
		JB 50		JB 60		Total
select an income statement item Income before Income TaxesTotal Operating ExpensesEnding InventoryInterest ExpenseIncome from OperationsNet Income / (Loss)Cost of Goods SoldSelling ExpensesPurchasesIncome Tax ExpenseBeginning InventoryAdministrative ExpensesSalesOperating ExpensesGross Profit		$ enter a dollar amount		$ enter a dollar amount		$ enter a dollar amount
select an income statement item Cost of Goods SoldOperating ExpensesIncome before Income TaxesNet Income / (Loss)Beginning InventoryAdministrative ExpensesIncome Tax ExpensePurchasesSalesInterest ExpenseIncome from OperationsTotal Operating ExpensesSelling ExpensesEnding InventoryGross Profit		enter a dollar amount		enter a dollar amount		enter a dollar amount
select a summarizing line for the first part Cost of Goods SoldSelling ExpensesNet Income / (Loss)Income Tax ExpensePurchasesIncome before Income TaxesGross ProfitInterest ExpenseOperating ExpensesSalesAdministrative ExpensesIncome from OperationsBeginning InventoryTotal Operating ExpensesEnding Inventory		enter a total amount for the first part		enter a total amount for the first part		enter a total amount for the first part
select an opening name for section two Total Operating ExpensesIncome Tax ExpensePurchasesGross ProfitNet Income / (Loss)Cost of Goods SoldBeginning InventoryInterest ExpenseSalesEnding InventoryIncome before Income TaxesAdministrative ExpensesOperating ExpensesSelling ExpensesIncome from Operations
select an income statement item PurchasesBeginning InventorySelling ExpensesAdministrative ExpensesIncome before Income TaxesSalesEnding InventoryIncome from OperationsOperating ExpensesGross ProfitTotal Operating ExpensesIncome Tax ExpenseCost of Goods SoldInterest ExpenseNet Income / (Loss)		enter a dollar amount		enter a dollar amount		enter a dollar amount
select an income statement item Administrative ExpensesIncome from OperationsNet Income / (Loss)Total Operating ExpensesInterest ExpenseCost of Goods SoldGross ProfitSalesIncome before Income TaxesSelling ExpensesOperating ExpensesPurchasesBeginning InventoryIncome Tax ExpenseEnding Inventory		enter a dollar amount		enter a dollar amount		enter a dollar amount
select a closing name for section two Net Income / (Loss)Interest ExpenseOperating ExpensesBeginning InventoryIncome before Income TaxesPurchasesIncome Tax ExpenseSelling ExpensesAdministrative ExpensesGross ProfitSalesIncome from OperationsCost of Goods SoldTotal Operating ExpensesEnding Inventory		enter a total amount for section two		enter a total amount for section two		enter a total amount for section two
select a summarizing line for the second part Total Operating ExpensesBeginning InventoryNet Income / (Loss)Cost of Goods SoldInterest ExpenseIncome before Income TaxesEnding InventorySalesAdministrative ExpensesOperating ExpensesSelling ExpensesIncome from OperationsGross ProfitPurchasesIncome Tax Expense		$ enter a total amount for the second part		$ enter a total amount for the second part		enter a total amount for the second part
select an income statement item Cost of Goods SoldSelling ExpensesEnding InventoryGross ProfitIncome Tax ExpensePurchasesBeginning InventoryInterest ExpenseIncome before Income TaxesTotal Operating ExpensesNet Income / (Loss)Operating ExpensesIncome from OperationsAdministrative ExpensesSales						enter a dollar amount
select a summarizing line for the third part Gross ProfitAdministrative ExpensesInterest ExpenseIncome before Income TaxesOperating ExpensesTotal Operating ExpensesEnding InventoryBeginning InventoryCost of Goods SoldIncome from OperationsSelling ExpensesNet Income / (Loss)Income Tax ExpenseSalesPurchases						enter a total amount for the third part
select an income statement item Cost of Goods SoldGross ProfitIncome Tax ExpenseSelling ExpensesSalesBeginning InventoryIncome before Income TaxesPurchasesInterest ExpenseNet Income / (Loss)Operating ExpensesAdministrative ExpensesEnding InventoryTotal Operating ExpensesIncome from Operations						enter a dollar amount
select a closing name for the budgeted income statement Operating ExpensesIncome Tax ExpenseTotal Operating ExpensesGross ProfitSalesAdministrative ExpensesInterest ExpenseNet Income / (Loss)Selling ExpensesIncome from OperationsCost of Goods SoldEnding InventoryIncome before Income TaxesBeginning InventoryPurchases						$ enter a total net income or loss amount