Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help Asap Please! Lily Inc. is preparing its annual budgets for the year ending December 31, 2027. Accounting assistants furnish the data shown below. begin{tabular}{|c|c|c|}

Help Asap Please!
image text in transcribed
image text in transcribed
image text in transcribed
Lily Inc. is preparing its annual budgets for the year ending December 31, 2027. Accounting assistants furnish the data shown below. \begin{tabular}{|c|c|c|} \hline & \begin{tabular}{c} Product \\ JB 50 \end{tabular} & \begin{tabular}{c} Product \\ JB 60 \end{tabular} \\ \hline \multicolumn{3}{|l|}{ Sales budget: } \\ \hline Anticipated volume in units & 440,000 & 220,000 \\ \hline Unit selling price & $30 & $35 \\ \hline \multicolumn{3}{|l|}{ Production budget: } \\ \hline Desired ending finished goods units & 33,000 & 16,500 \\ \hline Beginning finished goods units & 27,500 & 11,000 \\ \hline \multicolumn{3}{|l|}{ Direct materials budget: } \\ \hline Direct materials per unit (pounds) & 2 & 3 \\ \hline Desired ending direct materials pounds & 33.000 & 11,000 \\ \hline Beginning direct materials pounds & 44.000 & 16,500 \\ \hline Cost perpound & $3 & $4 \\ \hline \end{tabular} Direct labor budget: An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $616,000 for product J850 and $396,000 for product J860, and administrative expenses of $594,000 for product 1050 and $374,000 for product J860. Interest expense is $150,000 (not allocated to products). Income taxes tre expected to be 20k Prepare the sales budget for the year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions