iii PR 21-3B Budgeted income statement and supporting budgets Obj. 4 The budget director of Gold Medal Athletic Co., 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 March: A. Estimated sales for March: DICIL TEMPLATE Batting helmet.. Football helmet 1.200 units at 540 per unit 6,500 units at $160 per unit T ( B. Estimated inventorics at March 1: Direct materials: Plastic Foam lining 90 lbs Bolbs. Finished products: Batting helmet........ Football helmet... 40 units at 525 per unit 240 units at 577 per unit C. Desired inventories at March 31: Finished products Direct materials al C. Desired inventories at March 31: Direct materials: Plastic... Foam lining... 50 lbs. 65 lbs. Finished products: Batting helmet. Football helmet + 50 units at $25 per unit 220 units at 578 per unit D. Direct materials used in production: In manufacture of batting helmet: Plastic Foam lining. In manufacture of football helmet: Plastic Foam lining. 1.2 lbs. per unit of product 0.5 lb, per unit of product 3.5 lbs. per unit of product 1.5 lbs, per unit of product E. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic Foam lining $6 per i $4 per ib. F. Direct labor requirements: F. Direct labor requirements: 0.2 hr at $20 per hr 0.5 hr at $14 per hr. Batting helmet: Molding Department. Assembly Department. Football helmet: Molding Department.. Assembly Department 0.5 hr at $20 per hr 1.8 hrs, at $14 per hr $4,000 2,300 G. Estimated factory overhead costs for March: Indirect factory wages $86,000 Power and light Depreciation of plant and 12,000 Insurance and property tax equipment H. Estimated operating expenses for March: Sales salaries expense $184,300 Advertising expense 87,200 Office salaries expense 32,400 Depreciation expense-office 3,800 equipment Telephone expense-selling 5,800 Telephone expense administrative 1,200 DE AA $184,300 87,200 32,400 3,800 H. Estimated operating expenses for March: Sales salaries expense Advertising expense Office salaries expense Depreciation expense-office equipment Telephone expense selling Telephone expense-administrative Travel expense-selling Office supplies expense Miscellaneous administrative expense 1. Estimated other income and expense for March: Interest revenue Interest expense J. Estimated tax rate: 30% 5,800 1,200 9,000 1,100 1,000 $940 872 Instructions 1. Prepare a sales budget for March. 2. Prepare a production budget for March. Instructions 1. Prepare a sales budget for March. 2. Prepare a production budget for March 3. Prepare a direct materials purchases budget for March. 4. Prepare a direct labor cost budget for March. Answer + 5. Prepare a factory overhead cost budget for March. 6. Prepare a cost of goods sold budget for March. Work in process at the beginning of March is estimated to be $15,300, and work in process at the end of March is desired to be $14,800. 7. Prepare a selling and administrative expenses budget for March 8. Prepare a budgeted income statement for March Question 1 (5 points) Saved P3B: Total batting helmets to be produced in March is and total football helmets to be produced is Question 2 (5 points) P4B: Cash balance at the end of June is budgeted to be $ Question 3 (5 points) P3B: Total cost of goods sold budgeted for March is $ Question 4 (5 points) P3B: Total selling expenses are budgeted for $