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I need help with this. Concord Company is preparing its budgeted incomestatement for 2022 . Relevant data pertaining to its sales production. and direct materials
I need help with this.
Concord Company is preparing its budgeted incomestatement for 2022 . Relevant data pertaining to its sales production. and direct materials budgets are as follows. Sales Sales for the year are eypected to total S60,000 units Quarterly sales are 15\%, 27\%, 24\%, and 31\% respectively: The unit selling price is eypected to be SSS for the first three quarters and \$47 beginnirg in the fourth quarter. Sales in the first quarter of 2023 are eypected to be 15% higher than the budgeted sales for the first quarter of 2022. Production. Management desires to maintain the ending finished goods inventories at 25% of the nevt quarter's budgeted sales volume Direct materiaks. Each unit requires 2 pounds of raw materials at a cost of $12 per pound. Management desires to maintain raw materials imentories at 10% of the nevt quarter's production requirements Asume the production requirements for first quarter of 2023 are 387,000 pounds Concord budgets Q.S hours of direct labor per unit, labor costs at $15 per hour, and manufacturi.g overhead at $20 per direct laber hour. Its budseted sellins and administrative eypenses for 2022 are $5,100,000. (a) Your answer is correct. Calculate the budjeted total unit cost. (Rlund orswer to 2 devimul pluan es. 12.25 ) Calculate the budgeted total unit cost. (Round answer to 2 decimal places, eg. 12.25.) Total unit cost eTextbook and Media (b) Prepare the budgeted multiple-step income statement for 2022. (Ignore income taxes.)Step by Step Solution
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