Frontleg Chocolate Company manufactures and sells a premium chocolate called PremiumChoco The following data are available for preparing budgets for PremiumChose for June through August of 2020. 1. Sales: June, 30,000 pounds; July, 56,000 pounds, August 58,000 pounds. 2. Direct materials: each pound of PremiumShoce requires 5 pounds of cacao seeds at a cost of $2.95 per pound and 4 pounds of cane sugar at $.50 per pound. 3. Desired Inventory levels: Type of Inventory May 1 June 1 July 1 August 1 PremiumChoco (pounds) 7,000 8,000 15,000 18,000 cacao seeds (pounds) 6,000 9,000 10,000 13,000 cane sugar (pounds) 5,000 14,000 20,000 25,000 4. Direct labor: direct labor time is 30 minutes per pound at an hourly rate of $20 per hour. 5. Selling and administrative expenses are expected to be .05 cents per unit sold plus $82,000 per month. 6. Your assistant has prepared two budgets: (1) The manufacturing overhead budget shows expected costs to be 150% of direct labor cost (all variable costs). 7. The company uses a 30% markup percentage on total cost 8. Interest Expense is $150,000. 9. Income taxes are expected to be 21% of income before Income taxes. Prepare the sales budget Prepare the budgeted multi-step Income statement fo (Curl) 4115 IX fo Manufacturi Total Frontleg Chocolate Company Sales Budget For the Three Months Ending August 31, 2020 Month WOOOWN Three Months Expected unit sales Unit selling price Total sales Frontleg Chocolate Company Budgeted Income Statement For the Three Months Ending August 31, 2020 Sales revenue Cost of goods sold Gross Profit Selling and administrative expenses Income from operations Interest expense Income before income tax Income tax expense (21%) Net income 9a Horizontal analysis P9-1A dy Type here to search