Include formulas for each cell

PR 22-3B 8. Estimated operating expenses for March: Budgeted income statement and supporting budgets Sales salaries expense $184,300 Obj. 4 Advertising expense 87,200 Office salaries expense 32,400 Depreciation expense-office equipment 3,800 ExcelThe budget director of Gold Medal Athletic Co., with the assistance Telephone expense-selling 5,800 of the controller, treasurer, production manager, and sales manager, has Telephone expense-administrative 1,200 gathered the following data for use in developing the budgeted income statement for March: Travel expense-selling 9,000 1. Estimated sales for March: Office supplies expense 1,100 Batting helmet... 1,200 units at $40 per unit Miscellaneous administrative expense 1,000 Football helmet .. . ... .. 6,500 units at $160 per unit 9. Estimated other income and expense for March: 2. Estimated inventories at March 1: Interest revenue $940 Direct materials: Finished products: Interest expense 872 Plastic. 90 lb Batting helmet. .. . .. .. 40 units at $25 per unit 10.Estimated tax rate: 30% Foam lining .. . . ... 80 lb Football helmet . . . .. . . 240 units at $77 per unit Instructions 2. Prepare a sales budget for March. 3. Desired inventories at March 31: 3. Prepare a production budget for March. Direct materials: Finished products: 4. Prepare a direct materials purchases budget for March. Plastic. .. .. 50 lb Batting helmet.. .. . .. . 50 units at $25 per unit 5. Prepare a direct labor cost budget for March. Foam lining ... .. ... 65 lb. Football helmet .. . .. ... 220 units at $78 per unit + Answer Check Figure: Total direct labor cost in Assembly Dept., $171,766 4. Direct materials used in production: 6. Prepare a factory overhead cost budget for March. In manufacture of batting helmet: 7. Prepare a cost of goods sold budget for March. Work in process at the Plastic.. . 1.20 lb. per unit of product beginning of March is estimated to be $15,300, and work in process at the Foam lining. ..... 0.50 lb. per unit of product end of March is desired to be $14,800. In manufacture of football helmet: 8. Prepare a selling and administrative expenses budget for March. Plastic. .. 3.50 lb. per unit of product Foam lining. ..... 1.50 lb. per unit of product 9. Prepare a budgeted income statement for March. 5. Anticipated cost of purchases and beginning and ending inventory of 10. INCLUDE ALL FORUMLAS FOR EACH CELL direct materials: Plastic . . $6.00 per lb. Foam lining . .... $4.00 per lb. 6. Direct labor requirements: Batting helmet: Molding Department . .. 0.20 hr. at $20 per hr. Assembly Department......... 0.50 hr. at $14 per hr. Football helmet: Molding Department. .. ... . . . . . .. 0.50 hr. at $20 per hr. Assembly Department......... .. . . . . . .. . . ............ 1.80 hrs. at $14 per hr. 7. Estimated factory overhead costs for March: Indirect factory wages $86,000 Power and light $4,000 Depreciation of plant and equipment 12,000 Insurance and property tax 2,300