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

1.		Sales: 31,160 units, unit selling price $88.
2.		Cost of one unit of finished goods: direct materials 1 pound at $6 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $6 per direct labor hour.
3.		Inventories (raw materials only): beginning, 10,280 pounds; ending, 15,490 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 For the Year Ending December 31, 2020For the Quarter Ending December 31, 2020December 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 Year Ending December 31, 2020December 31, 2020For the Quarter Ending December 31, 2020
SalesSelling and Administrative ExpensesNet Income / (Loss)Beginning InventoryIncome Tax ExpenseEnding InventoryCost of Goods SoldPurchasesIncome before Income TaxesOperating ExpensesIncome from OperationsGross ProfitTotal Operating Expenses		$
SalesBeginning InventorySelling and Administrative ExpensesGross ProfitTotal Operating ExpensesCost of Goods SoldIncome from OperationsPurchasesEnding InventoryIncome before Income TaxesIncome Tax ExpenseOperating ExpensesNet Income / (Loss)
Beginning InventoryIncome Tax ExpenseGross ProfitSalesSelling and Administrative ExpensesNet Income / (Loss)Operating ExpensesEnding InventoryIncome before Income TaxesPurchasesTotal Operating ExpensesCost of Goods SoldIncome from Operations
PurchasesTotal Operating ExpensesNet Income / (Loss)Income Tax ExpenseGross ProfitSalesOperating ExpensesSelling and Administrative ExpensesIncome from OperationsIncome before Income TaxesBeginning InventoryCost of Goods SoldEnding Inventory
Net Income / (Loss)Income from OperationsIncome before Income TaxesTotal Operating ExpensesGross ProfitSalesIncome Tax ExpenseOperating ExpensesCost of Goods SoldPurchasesBeginning InventorySelling and Administrative ExpensesEnding Inventory
Beginning InventoryTotal Operating ExpensesPurchasesIncome before Income TaxesIncome Tax ExpenseInterest ExpenseEnding InventoryCost of Goods SoldSelling and Administrative ExpensesSalesGross ProfitNet Income / (Loss)Income from Operations
Ending InventoryCost of Goods SoldOperating ExpensesSelling and Administrative ExpensesSalesPurchasesTotal Operating ExpensesIncome Tax ExpenseIncome from OperationsIncome before Income TaxesGross ProfitBeginning InventoryNet Income / (Loss)
Income before Income TaxesGross ProfitBeginning InventoryIncome from OperationsPurchasesOperating ExpensesTotal Operating ExpensesSalesSelling and Administrative ExpensesIncome Tax ExpenseCost of Goods SoldEnding InventoryNet Income / (Loss)
Total Operating ExpensesPurchasesIncome before Income TaxesSalesIncome from OperationsCost of Goods SoldBeginning InventoryNet Income / (Loss)Gross ProfitIncome Tax ExpenseEnding InventorySelling and Administrative ExpensesOperating Expenses		$

$