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Budgeted Income Statement and Supporting Budgets The budget director of Feathered Friends Inc., with the assistance of the controller, trener, production manager and sales manager has y hered trafolosing data for use in developing the budgeted Income statement for December a. Estimated sales for December: 3,200 units at $50 per unit Bird feeder 3,000 units at $70 per unit b. Estimated inventories December 1 Direct materials: 240 lbs. Finished products bird house Bird Feeder C Desired inventories Direct materials: 320 units at $27 per un 270 units at $40 per unit December 31 220 Ft Finished products: bird house 290 units at $27 per unit Bird feeder 250 units at $41 per unit d. Direct materials used in productions In manufacture of Bird House: 0.80 ft. per unit of product Plastic 0.50 ib. per unit of product In manufacture of Bird Feeder: Wood 1.20 t. per unit of product Plastic 0.75 lb, per unit of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: $7.00 per it Piastic $1.00 per lb. 1Direct labor requirements: Bird House: Fabrication Department 0.20 h at $16 per hr Assembly Department 0.30 h at $12 perhe Purd Foder e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Wood $7.00 per ft. Plastic $1.00 per lb. f. Direct labor requirements: Bird House: Fabrication Department 0.20 hr. at $16 per hr. Assembly Department 0.30 hr. at $12 per hr. Bird Feeder: Fabrication Department 0.40 hr. at $16 per hr. Assembly Department 0.35 hr at $12 per hr. 9. Estimated factory overhead costs for December: Indirect factory wages $75,000 Depreciation of plant and equipment 23,000 Power and light 6,000 Insurance and property tax 5,000 h. Estimated operating expenses for December: Sales salaries expense $70,000 Advertising expense 18,000 Office salaries expense 21,000 Depreciation expense-office equipment 600 Telephone expense-selling 550 Telephone expense-administrative 250 Travel expense--selling 4,000 Office supplies expense 200 Miscellaneous administrative expense 400 I. Estimated other income and expense for December: Interest revenue $200 Interest expense 122 1. Estimated tax rate: 30% Required: 1. Prepare a sales budget for December Feathered Friends Inc. d et for December Factory Overhead Con Budget h onth End December 31 7. Prepare a selling and administrative expenses budget for December Feathered Friends Inc. Selling and Administrative Expenses Budget For the Month Ending December 31 Selling expenses: Total selling expenses Administrative expenses: $$ Total administrative expenses Total operating expenses 8. Prepare a budgeted income statement for December. In the other revenue and expense section, indicate expenses as negative amounts. Feathered Friends Inc. Budgeted Income Statement For the Month Ending December 31 Operating expenses: Total operating expenses Income from operations Other even van Total administrative expenses Total operating expenses 8. Prepare a budgeted income statement for December. In the other revenue and expense section, indicate expenses as negative amounts. Feathered Friends Inc. Budgeted Income Statement For the Month Ending December 31 Operating expenses: Total operating expenses Income from operations Other revenue and expense: Income before income tax Net Income 1. Prepare a sales budget for December Feathered Friends Inc. Sales Budget For the Month Ending December 31 Unit Sales Volume Unit Selling Price Total Sales Bird house Bird Feeder Total revenue from sales 2. Prepare a production budget for December. For those boxes in which you must enter subtracted or negative Lumbers use a minus sign Feathered Friends Inc. Production Budget For the Month Ending December 31 Units Bird House Bird Feeder 3. Prepare a direct materials purchases budget for December. For those boxes in which you must enter subtracted or negative numbers use a minus sign Feathered Friends Inc. Direct Materials Purchases Budget For the Month Ending December 31 Wood Required units for production Bird house Bird Feeder 3. Prepare a direct materials purchases budget for December. For those boxes in which you must enter subtracted or negative numbers use a minus sign Feathered Friends Inc. Direct Materials Purchases Budget For the Month Ending December 31 Wood Plastic Required units for production: Bird house Bird feeder Desired units of inventory, December 31 Total units available Estimated units of Inventory, December 1 Total units to be purchased Unit price Total direct materials to be purchased 4. Prepare a direct labor cost budget for December Feathered Friends Inc. Direct Labor Cost Budget For the Month Ending December 31 Fabrication Department Assembly Department Hours required for production: Bird house Bird feeder Hourly rate Total direct labor cost 5. Prepare a factory overhead cost budget for December Feathered Friends Ine. Factory Overhead Cost Budget
