Question
Fultz Company has accumulated the following budget data for the year 2020. 1.Sales:31,270units, unit selling price $88.2.Cost of one unit of finished goods: direct materials1pound
Fultz Company has accumulated the following budget data for the year 2020.
1.Sales:31,270units, unit selling price $88.2.Cost of one unit of finished goods: direct materials1pound at $5per pound, direct labor3hours at $13per hour, and manufacturing overhead $6per direct labor hour.3.Inventories (raw materials only): beginning,10,110pounds; ending,15,430pounds.4.Selling and administrative expenses: $170,000; interest expense: $30,000.5.Income taxes: 30% of income before income taxes.
budgeted multiple-step income statement for 2020.
FULTZ COMPANY
Budgeted Income Statement
For the Year Ending December 31, 2020
For the Quarter Ending December 31, 2020
December 31, 2020
Sales
cost of goods
gross profit
selling and administrativeexpense
income from operations
Interest expense
Income before IncomeTax
Income Tax Expense
Net Income
$
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