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Multiperiod budgeted income statement and supporting budgets Newport Inc. gathered the following data for use in developing the budgets for the first quarter (June, July,
Multiperiod budgeted income statement and supporting budgets Newport Inc. gathered the following data for use in developing the budgets for the first quarter (June, July, August) of its fiscal year: a. Estimated sales at $36 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: 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. 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
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