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

1.		Sales: 31,320 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, 10,300 pounds; ending, 15,190 pounds.
4.		Selling and administrative expenses: $170,000; interest expense: $30,000.
5.		Income taxes: 30% of income before income taxes.

(a)

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

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		$

&

FULTZ COMPANY Budgeted Income Statement $ $