I need help with question F- I.

Problem 9-6 Jones Corporation has the following budgeted sales for the selected four-month period: Month Unit Sales July 20,000 August 35,000 September 25,000 October 30,000 Sales price per unit is $180 Plans are to have an inventory of finished product equal to 20 percent of the unit sales for the next month. There was 4,000 units in beginning inven Three pounds of materials are required for each unit produced. Each pound of material costs $20. Inventory levels for materials equal 30 percent of Desired ending inventory for September is 25,200 pounds of material. Beginning inventory for July was 20.700 pounds of material. Each unit requires .6 hours of direct labor and the average wage rate is $16 per hour. Variable overhead rate is $3.50 per direct labor hour. There is also fixed overhead of $22,000 per month The company pays a 3% commission on sales. Company has fixed selling and administrative expenses as follows: Rent $6,000/month Utilities 1,200/month Advertising 400/month Office Salaries 35,000/month Required: If required, round your answers to two decimal places. A. Prepare a sales budget for July, August, and September and in total for the quarter, Jones Corporation Sales Budget July September Total August 35,000 Units to be sold 20,000 25,000 80.000 Sales price 180 180 180 180 Total sales dollars 1. 00,000 6,300,000 4.500.000 14,400.000 B. Prepare a production budget for July, August, and September and in total for the quarter. Jones Corporation Production Budget July August September Total Sales 20,000 35,000 25.000 80,000 Add: Desired ending inventory 7.000 5,000 6,000 6,000 Total needs 27.000 40,000 31,000 86.000 4,000 7.000 5.000 4,000 Less: Beginning inventory Units to be produced 23,000 33,000 26,000 82,000 Feedback C. Prepare a direct materials purchases budget in pounds and dollars for July, August, and September and in total for the quarter. Jones Corporation Direct Materials Budget July August September Total 23.000 33,000 26,000 Units to be produced * Ibs per unit 82,000 3 3 3 3 Pounds needed 69,000 99,000 78,000 246,000 29,700 23,400 25.200 25.200 Desired ending inventory Total needs Less beginning inventory Purchases needed 98,700 122,400 103,200 271,200 20.700 29,700 23.400 20,700 78,000 92,700 79,800 250,500 x cost per lb. 20 20 20 20 Total purchase cost 1,560,000 1.854.000 1,596,000 5,010,000 Feedback D. Prepare a direct labor budget in hours and total cost for July, August and September and in total for the quarter. Jones Corporation Direct Labor Budget July Total August 33.000 23.000 September 26.000 0.6 32.000 0.6 0.6 0.6 Units to be produced * 0.60 of direct labor hours per unit Direct labor hours needed x rate per hour Total direct labor cost 13.800 15.600 19.800 16 49.200 16 16 16 220.000 316.800 249,600 787.2007 Feedback E. Prepare an overhead budget for July August and September and in total for the quarter. Jones Corporation Overhead Budget September July 12.000 3.5 August 19.000 Labor hours x variable rate per hour Total variable OH 16.600 35 Total 49.200 3.5 4.30 69.300 56.600 172.200 Fixed overhead 27.000 22.000 22,000 66.000 Total overhead 70,300 91.300 76,600 230.200 Free F. Prepare a selling and administrative expenses budget for July, August and September and in total for the quarter Jones Corporation Selling and Administrative Budget July August September Total Variable selling expense Fixed expenses: F. Prepare a seling and administrative expenses budget for July August and September and in total for the quarter Janes Corporation Seling and Administrative Budget July August September Total Variable selling expense Fixed expenses Rent Utilities Advertoon Office alanes Total 6. Prepare an ending finished goods inventory budget for the quarter Cint: You have already calculated the desired ending finished goods inventory quantity and assume a stable per unit rate). Round your answer to two decima i necessary Jones Corporation Ending Finished Goods Inventory Budget Deared ending inventory Direct materials Direct labor Overhead Variable overhead Foed were Unt cost H. Prepare a cost of goods sold budget for the quarter Jones Corporation Cost of goods sold Budget H. Prepare a cost of goods sold budget for the quarter Jones Corporation Cost of goods sold Budget Direct materials Direct labor Overhead Add: Beginning inventory Goods available for sale Lessi ending inventory Cost of goods sold I. Prepare a budged income statement for the quarter the company fall into the 35 percent tax bracket for income taxes Jones Corporation Budgeted Income Statement Cromargin Net nome