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E22.13 (LO 3), AP Fultz Company has accumulated the following budget data for the year 2022 1. Sales: 30,000 units, unit selling price $85. 2.
E22.13 (LO 3), AP Fultz Company has accumulated the following budget data for the year 2022 1. Sales: 30,000 units, unit selling price $85. 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $15 per hour, and manufacturing overhead $5 per direct labor hour. 3. Inventories (raw materials only): beginning. 10,000 pounds; ending. 15,000 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30% of income before income taxes. Instructions a. Prepare a schedule showing the computation of cost of goods sold for 2022. b. Prepare a budgeted multiple-step income statement for 2022
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