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Budgeted Income Statement and Supporting Budgets

The budget director of Birding Homes & Feeders Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for January:

• Estimated sales for January:

b Bird house	c 15,000 units at $25 per unit
d Bird feeder	e 40,000 units at $15 per unit

f Estimated inventories at January 1:

g Direct materials:
h Wood	i 600 ft.
j Plastic	k 1,000 lbs.
l Finished products:
m Bird house	n 1,000 units at $15 per unit
o Bird feeder	p 2,500 units at $8 per unit

q Desired inventories at January 31:

r Direct materials:
s Wood	t 500 ft.
u Plastic	v 1,250 lbs.
w Finished products:
x Bird house	y 1,500 units at $15 per unit
z Bird feeder	a 3,000 units at $8 per unit

b Direct materials used in production:

c In manufacture of Bird House:
d Wood	e 0.80 ft. per unit of product
f Plastic	g 0.10 lb. per unit of product
h In manufacture of Bird Feeder:
i Wood	j 0.20 ft. per unit of product
k Plastic	l 1.00 lb. per unit of product

m Anticipated cost of purchases and beginning and ending inventory of direct materials:

n Wood	o $2.50 per ft.
p Plastic	q $0.80 per lb.

r Direct labor requirements:

s Bird House:
t Fabrication Department	u 0.40 hr. at $18 per hr.
v Assembly Department	w 0.20 hr. at $12 per hr.
x Bird Feeder:
y Fabrication Department	z 0.25 hr. at $18 per hr.
a Assembly Department	b 0.10 hr. at $12 per hr.

c Estimated factory overhead costs for January:

d Indirect factory wages	e $40,000
f Depreciation of plant and equipment	g 20,000
h Power and light	i 10,000
j Insurance and property tax	k 5,000

l Estimated operating expenses for January:

m Sales salaries expense	n $125,000
o Advertising expense	p 80,000
q Office salaries expense	r 40,000
s Depreciation expenseoffice equipment	t 4,000
u Travel expenseselling	v 25,000
w Office supplies expense	x 2,500
y Miscellaneous administrative expense	z 3,500

a Estimated other revenue and expense for January:

b Interest revenue	c $4,540
d Interest expense	e 3,000

f Estimated tax rate: 25%

1. Prepare a sales budget for January Birding Homes & Feeders Inc. Sales Budget For the Month Ending January 31 Unit Sales Unit Selling Volume Price Total Sales Bird house Bird feeder Total revenue from sales 2. Prepare a production budget for January. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Birding Homes & Feeders Inc. Production Budget For the Month Ending January 31 Units Bird House Bird Feeder 3. Prepare a direct materials purchases budget for July. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Gourmet Grill Company Direct Materials Purchases Budget For the Month Ending July 31 Grates Stainless Steel (units) (lbs.) Burner Sub- assemblies (units) Shelves (units) Total Required units for production: Backyard Chef Master Chef Desired inventory, July 31 Total Estimated Inventory, July 1 Total units to be purchased Unit price Total direct materials to be purchased 4. Prepare a direct labor cost budget for July Gourmet Grill Company Direct Labor Cost Budget For the Month Ending July 31 Stamping Forming Department Department Assembly Department Total Hours required for production: Backyard Chef Master Chef Total Hourly rate Total direct labor cost 5. Prepare a factory overhead cost budget for January. Birding Homes & Feeders Inc. Factory Overhead Cost Budget For the Month Ending January 31 $ Total factory overhead cost 6. Prepare a cost of goods sold budget for January. Work in process at the beginning of January is estimated to be $9,000, and work in process at the end of January is estimated to be $10,500. For those boxes in which you must enter subtracted or negative numbers use a minus sign Birding Homes & Feeders Inc. Cost of Goods Sold Budget For the Month Ending January 31 Direct materials: Cost of direct materials available for us Cost of direct materiais placed in production Total manufacturing costs Total work in process during period Cost of goods manufactured Cost of finished goods available for sale Cost of goods sold 7. Prepare a selling and administrative expenses budget for January. Birding Homes & Feeders Inc. Selling and Administrative Expenses Budget For the Month Ending January 31 Selling expenses: $ $ $$ Total selling expenses Administrative expenses: $$ Total administrative expenses Total operating expenses $$ 8. Prepare a budgeted income statement for January. In the other revenue and expense section, indicate expenses as negative amounts. Birding Homes & Feeders Inc. Budgeted Income Statement For the Month Ending January 31 $$ Operating expenses: $$ Total operating expenses Operating Income Other revenue and expense: $$ Income before income tax Net Income $$