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

1.		Sales: 31,310 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 $12 per hour, and manufacturing overhead $7 per direct labor hour.
3.		Inventories (raw materials only): beginning, 10,100 pounds; ending, 15,400 pounds.
4.		Selling and administrative expenses: $170,000; interest expense: $30,000.
5.		Income taxes: 30% of income before income taxes.

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

FULTZ COMPANY Computation of Cost of Goods Sold December 31, 2020For the Year Ending December 31, 2020For the Quarter Ending December 31, 2020
Cost of one unit of finished goods:
Direct materials		$
Direct labor
Manufacturing overhead
Total		$
Cost of Goods Sold		$

Prepare a budgeted multiple-step income statement for 2020.

FULTZ COMPANY Budgeted Income Statement For the Quarter Ending December 31, 2020For the Year Ending December 31, 2020December 31, 2020
Net Income / (Loss)Selling and Administrative ExpensesTotal Operating ExpensesOperating ExpensesGross ProfitSalesBeginning InventoryIncome before Income TaxesCost of Goods SoldIncome from OperationsEnding InventoryIncome Tax ExpensePurchases		$
Income from OperationsCost of Goods SoldPurchasesTotal Operating ExpensesEnding InventorySalesGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesSelling and Administrative ExpensesBeginning Inventory
PurchasesTotal Operating ExpensesOperating ExpensesSalesSelling and Administrative ExpensesBeginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income / (Loss)
SalesIncome Tax ExpenseTotal Operating ExpensesPurchasesIncome before Income TaxesSelling and Administrative ExpensesGross ProfitIncome from OperationsEnding InventoryNet Income / (Loss)Operating ExpensesBeginning InventoryCost of Goods Sold
Income before Income TaxesEnding InventoryPurchasesIncome Tax ExpenseIncome from OperationsSalesNet Income / (Loss)Operating ExpensesSelling and Administrative ExpensesTotal Operating ExpensesBeginning InventoryCost of Goods SoldGross Profit
Ending InventoryIncome before Income TaxesIncome Tax ExpenseBeginning InventorySalesCost of Goods SoldIncome from OperationsNet Income / (Loss)Interest ExpensePurchasesGross ProfitSelling and Administrative ExpensesTotal Operating Expenses
Income from OperationsGross ProfitSelling and Administrative ExpensesEnding InventoryTotal Operating ExpensesPurchasesSalesIncome before Income TaxesBeginning InventoryNet Income / (Loss)Cost of Goods SoldIncome Tax ExpenseOperating Expenses
Operating ExpensesGross ProfitTotal Operating ExpensesIncome before Income TaxesCost of Goods SoldEnding InventoryIncome from OperationsSelling and Administrative ExpensesPurchasesIncome Tax ExpenseSalesBeginning InventoryNet Income / (Loss)
Selling and Administrative ExpensesSalesCost of Goods SoldEnding InventoryIncome before Income TaxesIncome Tax ExpensePurchasesOperating ExpensesTotal Operating ExpensesNet Income / (Loss)Beginning InventoryGross ProfitIncome from Operations		$

Deitz Corporation is projecting a cash balance of $34,200 in its December 31, 2019, balance sheet. Deitzs schedule of expected collections from customers for the first quarter of 2020 shows total collections of $210,900. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $49,020. Other information gathered for the first quarter of 2020 is sale of equipment $3,420; direct labor $79,800, manufacturing overhead $39,900, selling and administrative expenses $51,300; and purchase of securities $15,960. Deitz wants to maintain a balance of at least $28,500 cash at the end of each quarter. Prepare a cash budget for the first quarter.