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*Exercise 21-13 Fultz Company has accumulated the following budget data for the year 2017. 1. Sales: 31,410 units, unit selling price $89. Cost of one
*Exercise 21-13 Fultz Company has accumulated the following budget data for the year 2017. 1. Sales: 31,410 units, unit selling price $89. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $8 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,240 pounds; ending, 15,220 pounds 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30% of income before income taxes. M Your answer is correct. Prepare a schedule showing the computation of cost of goods sold for 2017. FULTZ COMPANY Computation of Cost of Goods Sold or the Year Ending December 31, 2017 Cost of one unit of finished goods: Direct materials Direct labor Manufacturing overhead Total S65 Cost of Goods Sold $U2041650 Z Your answer is partially correct. Try again Prepare a budgeted multiple-step income statement for 2017 FULTZ COMPANY Budgeted Income Statement 795490 ost of Goods Sold ross Profit elling and Administrative Expense T nterest Expen ncome before Income Taxes ncome Tax Expense (Loss et Income Question Attempts: 1 of 15 used nc. or related companies ights reserved
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