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 $5 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $7 per direct labor hour.
3.		Inventories (raw materials only): beginning, 10,190 pounds; ending, 15,240 pounds.
4.		Selling and administrative expenses: $170,000; interest expense: $30,000.
5.		Income taxes: 30% of income before income taxes.

(a)

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

FULTZ COMPANY Computation of Cost of Goods Sold Choose the accounting period For the Quarter Ending December 31, 2020For the Year Ending December 31, 2020December 31, 2020
Cost of one unit of finished goods:
Direct materials		$Enter a dollar amount
Direct labor		Enter a dollar amount
Manufacturing overhead		Enter a dollar amount
Total		$Enter a total of the three previous amounts
Cost of Goods Sold		$Enter a dollar amount

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(b)

Prepare a budgeted multiple-step income statement for 2020.

FULTZ COMPANY Budgeted Income Statement Choose the accounting period For the Quarter Ending December 31, 2020December 31, 2020For the Year Ending December 31, 2020
Select an opening income statement item Ending InventoryNet Income / (Loss)Income before Income TaxesGross ProfitOperating ExpensesIncome Tax ExpenseSelling and Administrative ExpensesIncome from OperationsBeginning InventoryTotal Operating ExpensesSalesCost of Goods SoldPurchases		$Enter a dollar amount
Select an income statement item Income from OperationsEnding InventoryNet Income / (Loss)Selling and Administrative ExpensesGross ProfitIncome before Income TaxesTotal Operating ExpensesPurchasesIncome Tax ExpenseOperating ExpensesCost of Goods SoldSalesBeginning Inventory		Enter a dollar amount
Select an income statement item Cost of Goods SoldIncome before Income TaxesEnding InventorySelling and Administrative ExpensesOperating ExpensesIncome Tax ExpenseTotal Operating ExpensesPurchasesNet Income / (Loss)SalesGross ProfitBeginning InventoryIncome from Operations		Enter a subtotal of the two previous amounts
Select an income statement item Income Tax ExpenseOperating ExpensesCost of Goods SoldSalesIncome from OperationsEnding InventoryNet Income / (Loss)PurchasesSelling and Administrative ExpensesIncome before Income TaxesTotal Operating ExpensesBeginning InventoryGross Profit		Enter a dollar amount
Select an income statement item PurchasesSelling and Administrative ExpensesOperating ExpensesEnding InventoryGross ProfitIncome Tax ExpenseNet Income / (Loss)Income before Income TaxesSalesIncome from OperationsCost of Goods SoldTotal Operating ExpensesBeginning Inventory		Enter a subtotal of the two previous amounts
Select an income statement item Income Tax ExpenseNet Income / (Loss)Beginning InventoryPurchasesInterest ExpenseCost of Goods SoldSalesEnding InventoryIncome before Income TaxesTotal Operating ExpensesIncome from OperationsGross ProfitSelling and Administrative Expenses		Enter a dollar amount
Select an income statement item Income Tax ExpenseOperating ExpensesPurchasesEnding InventorySelling and Administrative ExpensesSalesNet Income / (Loss)Income from OperationsTotal Operating ExpensesGross ProfitCost of Goods SoldIncome before Income TaxesBeginning Inventory		Enter a subtotal of the two previous amounts
Select an income statement item Cost of Goods SoldBeginning InventoryOperating ExpensesSelling and Administrative ExpensesIncome before Income TaxesTotal Operating ExpensesIncome Tax ExpenseGross ProfitNet Income / (Loss)Ending InventoryPurchasesIncome from OperationsSales		Enter a dollar amount
Select a closing income statement item PurchasesGross ProfitIncome from OperationsBeginning InventorySalesEnding InventoryIncome Tax ExpenseTotal Operating ExpensesOperating ExpensesSelling and Administrative ExpensesIncome before Income TaxesNet Income / (Loss)Cost of Goods Sold		$Enter a total net income or loss amount