Fultz Company has accumulated the following budget data for the year 2020.

1.		Sales: 31,490 units, unit selling price $87.
2.		Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $8 per direct labor hour.
3.		Inventories (raw materials only): beginning, 10,480 pounds; ending, 15,420 pounds.
4.		Selling and administrative expenses: $170,000; interest expense: $30,000.
5.		Income taxes: 30% of income before income taxes.

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Prepare a schedule showing the computation of cost of goods sold for 2020.

FULTZ COMPANY Computation of Cost of Goods Sold Choose the accounting period For the Year Ending December 31, 2020December 31, 2020For the Quarter Ending December 31, 2020
Cost of one unit of finished goods:
Direct materials		$Enter a dollar amount
Direct labor		Enter a dollar amount
Manufacturing overhead		Enter a dollar amount
Total		$Enter a total of the three previous amounts
Cost of Goods Sold		$Enter a dollar amount

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Prepare a budgeted multiple-step income statement for 2020.

FULTZ COMPANY Budgeted Income Statement Choose the accounting period For the Year Ending December 31, 2020December 31, 2020For the Quarter Ending December 31, 2020
Select an opening income statement item Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses		$Enter a dollar amount
Select an income statement item Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses		Enter a dollar amount
Select an income statement item Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses		Enter a subtotal of the two previous amounts
Select an income statement item Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses		Enter a dollar amount
Select an income statement item Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses		Enter a subtotal of the two previous amounts
Select an income statement item Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income / (Loss)Interest ExpensePurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses		Enter a dollar amount
Select an income statement item Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses		Enter a subtotal of the two previous amounts
Select an income statement item Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses		Enter a dollar amount
Select a closing income statement item Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses		$Enter a total net income or loss amount