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7:091 v2.cengagenow.com Chapter 22 O Office salaries expense 40,000 Depreciation expense-office equipment 4,000 Travel expense-selling 5,000 Office supplies expense 2,500 Miscellaneous administrative expense 3,500 i. Estimated other revenue and expense for January: Interest revenue $4,540 interest expense 3,000 Estimated tax rate: 25% Required: 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 January. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Birding Homes & Feeders Inc. Direct Materials Purchases Budget For the Month Ending January 31 Wood Plastic Total Required units for production: Bird house Bird feeder Desired units of inventory, January 31 Total units available nated units of inventory, January 1 Total units to be purchased Unit price Total direct materials to be purchased 4. Prepare a direct labor cost budget for January. Birding Homes & Feeders Inc. Direct Labor Cost Budget For the Month Ending January 31 Fabrication Department Assembly Department Total Check My Work Previous Next Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading 2 . . .7:10 1 v2.cengagenow.com Chapter 22 be $10,500. For those boxes in which you must enter subtracted or negative numbers use a ? minus sign. Birding Homes & Feeders Inc. Cost of Goods Sold Budget For the Month Ending January 31 S$ S$ Direct materials: s$ Cost of direct materials available for use S$ Cost of direct materials 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 3. 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 s Other revenue and expense: Income before income tax 5 5 Net income Check My Work ( Previous Next > Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading + 2 . . .7:091 v2.cengagenow.com Chapter 22 ?) 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: a. Estimated sales for January: 15,000 units at Bird house $25 per unit 40,000 units at Bird feeder $15 per unit Estimated inventories at January 1: Direct materials: Wood 600 ft. Plastic 1,000 lbs Finished products: 1,000 units at Bird house $15 per unit 2,500 units at $8 Bird feeder per unit c. Desired inventories at January 31: Direct materials: Wood 500 ft. Plastic 1,250 lbs. Finished products: 1,500 units at Bird house $15 per unit 3,000 units at $8 Bird feeder per unit d. Direct materials used in production: In manufacture of Bird House: 0.80 ft. per unit Wood of product Plastic 0.10 lb. per unit of product In manufacture of Bird Feeder: 0.20 ft. per unit Wood of product 1.00 lb. per unit Plastic of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Wood $2.50 per ft Plastic $0.80 per lb. f. Direct labor requirements: Bird House: 0.40 hr. at $18 Fabrication Department per hr. 0.20 hr. at $12 Assembly Department per hr. Bird Feeder: 0.25 hr. at $18 Fabrication Department per hr. 0.10 hr. at $12 Assembly Department per hr. g. Estimated factory overhead costs for January: Indirect factory wages $40,000 Depreciation of plant and equipment 20,000 Power and light 10,000 Insurance and property tax 5,000 h. Estimated operating expenses for January: Sales salaries expense $125,000 Advertising expense 80,000 Office salaries expense 40,000 Depreciation expense-office equipment 4,000 Travel expense-selling 25,000 Office supplies expense 2,500 Check My Work Previous Next Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading 2 .. .7:10 1 v2.cengagenow.com Chapter 22 Total direct materials to be purchased 4. Prepare a direct labor cost budget for January. Birding Homes & Feeders Inc. Direct Labor Cost Budget For the Month Ending January 31 abrication Department Assembly Department Total Hours required for production: Bird house Bird feeder Total Hourly rate Total direct labor cost S s 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 $10,500. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Birding Homes & Feeders Inc. Cost of Goods Sold Budget For the Month Ending January 31 ss S$ Direct materials: Cost of direct materials available for use s$ Cost of direct materials placed in production $ Total manufacturing costs Total work in process during period Cost of goods manufactured Cost of finished goods available for sale V 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: s$ Total selling expenses Check My Work Previous Next Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading + 2