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

1.

Sales: 31,270 units, unit selling price $ 88.

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 $6 per direct labor hour.

3.

Inventories (raw materials only): beginning, 10,110 pounds; ending, 15,430 pounds.

4.

Selling and administrative expenses: $ 170,000; interest expense: $ 30,000.

5.

Income taxes: 30% of income before income taxes.

Prepare a budgeted multiple-step income statement for 2020.

FULTZ COMPANY Budgeted Income Statement For the Year Ending December 31, 2020
sales cost of goods sold gross profit selling and administrative expenses income from operations interest expense income before income taxes income tax expense net income