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Lily Inc is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the data shown below. Sales budget: Anticipated volume
Lily Inc is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the data shown below. Sales budget: Anticipated volume in units \begin{tabular}{ll} Product Product \\ JB50 & JB60 \\ \hline \end{tabular} Unit selling price 440,000$30220,000$35 Production budget: Desired ending finished goods units 33,00027,50016,50011,000 Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) 23 Desired ending direct materials pounds 33,00011,000 Beginning direct materials pounds 44,00016,500 Cost per pound $3$4 Direct labor budget: Direct labor time per unit 0.4$120.6$12 Budgeted income statement: An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $616,000 for product JB 50 and $396,000 for product JB 60 , and administrative expenses of $594,000 for product JB 50 and $374,000 for product JB 60 . Interest expense is $150,000 (not allocated to products) Income taxes are expected to be 20%. Prepare the sales budget for the year. (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above. (e) The parts of this question must be completed in order. This part will be available when you complete the part above
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