Hutheeted income tatemsnt and supporting budgcts budgeted inconse statement fot March; 1. Fistmated sales for Hardv: batting heimet \$.200 units at 540 per unit Fosetoml helioet 6,300 units at 3160 per unit b. Eitinsted inventones at March ti nirect materials Ihastich 90 lbi. Finare lifeng 60 lie Hintshed producti Babting netinct a0 yrith wt tak ext ueut Fockball hrimet as0 ueits atsp? per winte 6. Devided liventories at Murkt I1. oirec naterilis Paaste 90 bot roan linig 65 ies Hirkneal product Batung heimet so cuits at ofs per ueik facehail heirhet 20 an "s at 5 and pesplent e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic $6 per Ib. Foam lining $4 per lb. f. Direct labor requirements: Patting helmet: Molding Department 0.2 hr. at $20 per hr. Assembly Department 0.5hr. at $14 per hr. Football helmet: Molding Department 0.5 hr. at 520 per hr Assembly Department 1.8 hrs. at 514 per hr. 9. Estimated factory overhead costs for March: h. Estimated operating expenses for March: 1. Estimated other revenue and expense for March: 1. Prepare a sales budqet for March. Enter all amounts as positive numbers. 2. Prepare a production budget for March. For those boxes in which you must enter subtracted or negative numbers 3. Prepare a dircct olaterfals purchases budaget for March. For those boxes in which you must enter subtracted or negative numbers u: 4. Prepare: a direct labor cost budgef for March. Enter all amounts as positive numbers. 4. Prepare a direct labor cost budget for March. Enter all amounts as positive numbers. Gold Medal Athletic Co. Direct Labor Cost Budget 5. Prepare a factocy oyecheaid cost budget for March. 5. Prebare a factory overhead cost budget for March. 6. Prepare a cost of gicens sold budget for March. Work in process at the beginning of March is estimated to b boxes in wilich you must enter subtracted or negative numbers use a minus sign. Chapter 22 Homework booses in wivch you mist enter subtracted or negative numbers use a minus alon. Geld Medal Athletic Ca. Cost of Goods Sold Eudget For the Month Ending March $1 Himishrd goads iriventory, March 1 Work in proceskimventony March 1F pirect matnials Drect meteriaksimuntory March 1= pirnct matuials purchases o Cost of direct materials avavable for use Difect matmeials inyentory March 31=8 cost of direct magerals pliated lei production . Dirnct labor a tackary ovithrad = Total manutacturing costs Total work in proceifi dutho benod Work in grociess liwwentary, Marehind : Cost of goots manufactures 7. Preoare a sellino and administrative expenses budget for March. 8. Prepare a budgeted income statement for March. Chapter 22 Homework eBook Gold Medal Athletic Co. Budgeted Income Statement For the Month Ending March 31 Revenue from sales Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses Operating income Other revenue and expense: Interest revenue Interest expense Income before income tax Income tax expense Net income Festoace The budort director of Gold Medal Athiletic Co. with the assistance of the controllec, treasures, production manages, and sales manager, has gathered the follewing data for use in developing the budonted income statement for March: a. Fistimated sales for March: Botting hemet 1,200 units at $40 per unit Foothall helmet 6,500 units at $160 pes unit b. Estimated inventories at March 1: Drect materials: Plastic 90 las. foam lining 80 tbs. Firishnd products: Batting heimet 40 units at 125 per urit Foothall helmet 240 units at 577 per unit c. Desired inventories at March 31: Direct matertals: Pastic 50 los. Foam lining 65lbs Finished producte: Batting helenet $0 units at $25 per unt Feotball helmet 220 units at 578 per unit Hutheeted income tatemsnt and supporting budgcts budgeted inconse statement fot March; 1. Fistmated sales for Hardv: batting heimet \$.200 units at 540 per unit Fosetoml helioet 6,300 units at 3160 per unit b. Eitinsted inventones at March ti nirect materials Ihastich 90 lbi. Finare lifeng 60 lie Hintshed producti Babting netinct a0 yrith wt tak ext ueut Fockball hrimet as0 ueits atsp? per winte 6. Devided liventories at Murkt I1. oirec naterilis Paaste 90 bot roan linig 65 ies Hirkneal product Batung heimet so cuits at ofs per ueik facehail heirhet 20 an "s at 5 and pesplent e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic $6 per Ib. Foam lining $4 per lb. f. Direct labor requirements: Patting helmet: Molding Department 0.2 hr. at $20 per hr. Assembly Department 0.5hr. at $14 per hr. Football helmet: Molding Department 0.5 hr. at 520 per hr Assembly Department 1.8 hrs. at 514 per hr. 9. Estimated factory overhead costs for March: h. Estimated operating expenses for March: 1. Estimated other revenue and expense for March: 1. Prepare a sales budqet for March. Enter all amounts as positive numbers. 2. Prepare a production budget for March. For those boxes in which you must enter subtracted or negative numbers 3. Prepare a dircct olaterfals purchases budaget for March. For those boxes in which you must enter subtracted or negative numbers u: 4. Prepare: a direct labor cost budgef for March. Enter all amounts as positive numbers. 4. Prepare a direct labor cost budget for March. Enter all amounts as positive numbers. Gold Medal Athletic Co. Direct Labor Cost Budget 5. Prepare a factocy oyecheaid cost budget for March. 5. Prebare a factory overhead cost budget for March. 6. Prepare a cost of gicens sold budget for March. Work in process at the beginning of March is estimated to b boxes in wilich you must enter subtracted or negative numbers use a minus sign. Chapter 22 Homework booses in wivch you mist enter subtracted or negative numbers use a minus alon. Geld Medal Athletic Ca. Cost of Goods Sold Eudget For the Month Ending March $1 Himishrd goads iriventory, March 1 Work in proceskimventony March 1F pirect matnials Drect meteriaksimuntory March 1= pirnct matuials purchases o Cost of direct materials avavable for use Difect matmeials inyentory March 31=8 cost of direct magerals pliated lei production . Dirnct labor a tackary ovithrad = Total manutacturing costs Total work in proceifi dutho benod Work in grociess liwwentary, Marehind : Cost of goots manufactures 7. Preoare a sellino and administrative expenses budget for March. 8. Prepare a budgeted income statement for March. Chapter 22 Homework eBook Gold Medal Athletic Co. Budgeted Income Statement For the Month Ending March 31 Revenue from sales Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses Operating income Other revenue and expense: Interest revenue Interest expense Income before income tax Income tax expense Net income Festoace The budort director of Gold Medal Athiletic Co. with the assistance of the controllec, treasures, production manages, and sales manager, has gathered the follewing data for use in developing the budonted income statement for March: a. Fistimated sales for March: Botting hemet 1,200 units at $40 per unit Foothall helmet 6,500 units at $160 pes unit b. Estimated inventories at March 1: Drect materials: Plastic 90 las. foam lining 80 tbs. Firishnd products: Batting heimet 40 units at 125 per urit Foothall helmet 240 units at 577 per unit c. Desired inventories at March 31: Direct matertals: Pastic 50 los. Foam lining 65lbs Finished producte: Batting helenet $0 units at $25 per unt Feotball helmet 220 units at 578 per unit