Multiperiod budgeted income statement and supporting budgets Bellaire Inc. gathered the following data for use in developing the budgets for the first quarter (January, February, March) of its fiscal ye a. Estimated sales at $125 per unit: b. Estimated finished goods inventories: c. Work in process inventories are estimated to be insignificant (zero). d. Estimated direct materials inventories: e. Manufacturing costs: f. Selling expenses: Variable selling expenses $4 per unit Fixed selling expenses $150,000 Administrative expenses (all fixed costs) $400,000 1. Prepare a sales budget for the first quarter. 3. Prepare a direct materials purchases budget for the first quarter. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Bellaire Inc. Direct Materials Purchases Budget For the First Quarter Ending March 31 Line Item Description Units to be produced Materials required per unit Materials required for production Total materials available for use Costal materials to be purchased pound Cost of direct materials to be purchased 5. Prepare a factory overhead cost budget for the first quarter. 6. Prepare a cost of goods sold budget for the first quarter. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Bellaire Inc. Cost of Goods Sold Budget For the First Quarter Ending March 31 Line Item Description Beginning finished goods inventory Cost of goods manufactured: 7. Prepare a selling and administrative expenses budget for the first quarter. Enter all amounts as positive number. Bellaire Inc. Selling and Administrative Expenses Budget For the First Quarter Ending March 31 Line Item Description January February March First Quarter Selling expenses: Total variable selling expenses Total selling expenses Administrative expenses: Total selling and administrative expenses 8. Prepare a budgeted income statement with budgeted operating income for the first quarter. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Bellaire Inc. Budgeted Income Statement For the First Quarter Ending March 31 Line Item Description Gross profit Multiperiod budgeted income statement and supporting budgets Bellaire Inc. gathered the following data for use in developing the budgets for the first quarter (January, February, March) of its fiscal ye a. Estimated sales at $125 per unit: b. Estimated finished goods inventories: c. Work in process inventories are estimated to be insignificant (zero). d. Estimated direct materials inventories: e. Manufacturing costs: f. Selling expenses: Variable selling expenses $4 per unit Fixed selling expenses $150,000 Administrative expenses (all fixed costs) $400,000 1. Prepare a sales budget for the first quarter. 3. Prepare a direct materials purchases budget for the first quarter. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Bellaire Inc. Direct Materials Purchases Budget For the First Quarter Ending March 31 Line Item Description Units to be produced Materials required per unit Materials required for production Total materials available for use Costal materials to be purchased pound Cost of direct materials to be purchased 5. Prepare a factory overhead cost budget for the first quarter. 6. Prepare a cost of goods sold budget for the first quarter. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Bellaire Inc. Cost of Goods Sold Budget For the First Quarter Ending March 31 Line Item Description Beginning finished goods inventory Cost of goods manufactured: 7. Prepare a selling and administrative expenses budget for the first quarter. Enter all amounts as positive number. Bellaire Inc. Selling and Administrative Expenses Budget For the First Quarter Ending March 31 Line Item Description January February March First Quarter Selling expenses: Total variable selling expenses Total selling expenses Administrative expenses: Total selling and administrative expenses 8. Prepare a budgeted income statement with budgeted operating income for the first quarter. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Bellaire Inc. Budgeted Income Statement For the First Quarter Ending March 31 Line Item Description Gross profit