income statement for March: a. Estimated sales for March: Balting helmet 1,200 units at $40 per unit. fostbal helrned 6,500 units at 5160 per unit b. Eatimoted inwenteries of March 1: Direct materials: Partic 90 RCt. Foum lining a0 ibs. Finished protucts! Barting helmet to units at 525 per unit Fostbel helmet 240 units at 577 . per unit c. Cesired inwntories of Mach 31 r Direct maserials! peritic 50 lhes Foam lining 65 its, Flnisthed products: Bating helmet 50 units at 525 por unit Fostball helmed 220 units of $78 per unit. 9. Direct materials used in oroduiction: In manufacture of batting helmet: Plastic 1.2 lbs. per unit of product Foam lining 0.5lb. per unit of product In manufacture of football helmet: Plastic 3.5lbs. per unit of product Foam lining 1.5lbs. per unit of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic $6 per Ib. Foam lining $4 per lb. f. Direct labor requirements: Batting helmet: Molding Department 0.2hr. at $20 per hr. Assembly Department 0.5hr. at $14 per hr. Football helmet: Molding Department 0.5hr. at $20 per hr. Assembly Department 1.8 hrs. at $14 per hr. g. Estimated factory overhead costs for March: h. Estimated operating expenses for March: i. Estimated other revenue and expense for March: f. Estimated tax rate: 30% Required: 1. Prepare a sales budget for March. Enter all amounts as positive numbers. Gold Medal Athletic Co. Sales Budget For the Month Ending March 31 \begin{tabular}{lcc} \hline & \multicolumn{1}{c}{ Unit Sales } \\ Volume & UnitSellingPrice \\ \hline Batting helmet & \\ Football helmet \\ Total revenue from sales \end{tabular} 2. Prepare a production budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Gold Medal Athletic Co. Production Budget For the Month Ending March 31 Expected units to be sold Desired inventory, March 31 Iotal units available Estimated inventory, March 1 Total units to be produced 4. Prepare a direct labor cost budget for March. Enter all amounts as positive numbers. 5. Prepare a factory overhead cost budget for March. which you must enter subtracted or negative numbers use an minus sign. Gold Medal Athletic Co. Cost of Goods Sold Budget For the Month Ending March 31 Finished ooods inventory, March 1 o Worle in process imwentory. March. 1 . Wirect inaterlais: Finished goods inventory, March 31 Cost of goods sold 7. Prepare a selling and administrative expenses budget for March. Gold Medal Athletic Co. Selling and Administrative Expenses Budget For the Month Ending March 31 Selling expenses: Sales salaries expense Advertising expense Telephone expense-selling Travel expense-selling Total selling expenses Administrative expenses: office salaries expense Depreciation expense-office equipment Telephone expense-administrative office supplies expense Miscellaneous administrative expense Total administrative expenses Total operating expenses 8. Prepare a budgeted income statement for March. Gold Medal Athletic Co. Budgeted Income Statement For the Month Ending March 31 Revenue from sales Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses Operating income Other revenue and expense: Interest revenue Interest expense Income before income tax 8. Prepare a budgeted income statement for March. Gold Medal Athletic Co. Budgeted Income Statement For the Month Ending March 31 Revenue from sales Cost of goods sold Grossprofit Operating expenses: Selling expenses . Administrative expenses Total operating expenses Operating income Other revenue and expense: Interest revenue Interest expense Income before income tax Income tax expense Net income