Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I think I am on the right track but not sure about the last four lines of the problem. Please Help Problem 23-2A (Part Level
I think I am on the right track but not sure about the last four lines of the problem. Please Help
Problem 23-2A (Part Level Submission) Deleon Inc. is preparing its annual budgets for the year ending December 31, 2017. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 403,200 $23 204,100 $27 29,300 34,400 17,800 11,900 Sales budget: Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost 32,300 41,300 17,300 14,300 $3 0.3 $12 0.6 $12 $21 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $665,000 for product JB 50 and $361,000 for product JB 60, and administrative expenses of $541,000 for product JB 50 and $344,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30%. Prepare the budegeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). DELEON INC. Budgeted Income Statement For the Year Ending December 31, 2017 JB 50 JB 60 Total Sales 9273600 5510700 $ 14784300 Cost of Goods Sold 4838400 4286100 9124500 Gross Profit 4435200 1224600 5659800 Operating Expenses Selling Expenses Administrative Expenses Total Operating Expenses Income before Income Taxes Income Tax Expense Interest ExpenseStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started