Need help with cost of goods sold budget, budgeted income statement, and question 4. All the rest I understand

makeAssignment Production Budget The production budget should be integrated with the sales budget to ensure that production and sales are kept in balance during the year. The production budget estimates the number of units to be manufactured to meet budgeted sales and desired inventory levels You note that LearnCo has omitted by numbers from the following production budget and nil in the missing amounts. You may need to use numbers from the sales budget you prepared. LearnCo Production Budget For the Year Ending December 31, 2012 Units Basic Units Deluxe Expected units to be sold (from Sales Budget) 36,000 36,000 Desired ending inventory, December 31, 2012 3,000 Total units available 37,000 V 39,000 Estimated beginning inventory, January 1, 2012 (1,050) (2.100) Total units to be produced 35,950 36,900 1,000 Foto Direct Materials Purchases Budget The direct materials purchases budget should be integrated with the production budget to ensure that production is not interrupted during the year. Before you make any changes to the budget, you review the information on the following Direct Materials Data Table and enter the units to be produced from the Production Budget. After scanning the direct materials purchases budget (which follows the Direct Materials Data Table), you observe that LearnCo has omitted quite a ht Vendas the least that Check My Work more Check My Work uses terraining Direct Materials Data Table Wood Pieces Beads Packages required per unit: Basic abacus 1 2 Deluxe abacus 2 3 Cost per package: Wood pieces $0.25 Beads $0.25 Units to be produced (from Production Budget): Basic abacus 35,950 Deluxe abacus 36,900 LearnCo Direct Materials Purchases Budget For the Year Ending December 31, 2012 Direct Materials Wood Pieces Beads Total Packages required for production: Basic abacus 35,950 71,900 110,700 Deluxe abacus 73,800 Desired Inventory, December 31 2012 2,200 5,000 Check My Work more Check My Work uses remaining 111,950 Total packages available Estimated Inventory, January 1, 2042 Total packages to be purchased (3.500 108,450 187,600 (4,500) 183,100 Unit price (per package) 0.25 XS 0.25 Total direct materials to be purchased 27,113 45,775 $72,888 Feedback Direct Labor Cost Budget Direct labor needs from the direct labor cost budget should be coordinated between the production and personnel departments so that there will be enough labor available for production Before you make any changes to the budget, you review the information on the following Direct Labor Data Table and enter the units to be produced from the Production Budget. After scanning the Direct Labor Cost Budget (which follows the Direct Labor Data Table), you observe that LearnCo has omitted quite a few numbers from the budget. Fill in the missing amounts. You may need to use numbers from the Direct Labor Data Table, or from the sales budget, production budget, and direct materials purchases budget you prepared. When required, round your answers to the nearest dollar. Direct Labor Data Table Gluing Assembly Hours required per unit: Basic abacus 0.10 0.10 Deluxe abacus 0.10 0.20 She is Check My Work more Check My Worses remaining Email Instructor Save and Exit Submit Assignment for Grading Labor hourly rate: Gluing $12 Assembly $19 Units to be produced (from Production Budget): Basic abacus 35,950 Deluxe abacus 36,900 LearnCo Direct Labor Cost Budget For the Year Ending December 31, 20Y2 Gluing Assembly Hours required for production: Total 3,595 Basic abacus 3,595 Deluxe abacus 3,690 7,380 Total 7,285 10,975 12 x 19 Hourly rate Total direct labor cost 87,420 208,525 $295,945 Ted Factory Overhead Cost Budget KeAssignment Factory Overhead Cost Budget The factory overhand cost budget should be integrated with the production budget to ensure that production is not interrupted during the year. This budget may be supported by departmental schedules, which normally separate factory overhead costs into fixed and variable costs so that department managers may monitor and evaluate costs during the year. For simplicity, LearnCo has not separated costs in this manner. After reviewing the following factory overhead cost budget, you note that Learno has completed the budget with the exception of one amount. Fill in the missing amount LearnCo Factory Overhead Cost Budget For the Year Ending December 31, 2012 Indirect factory wages 55,400 Power and light 11,250 Depreciation of plant and equipment 1.450 Total factory overhead cost $18,100 Fondack Cost of Goods Sold Budget The cost of goods sold budget integrates the direct materials purchases budget direct labor cost budget, and factory overhead cost budget. Estimated and desired Inventories for direct materials, work in process, and finished goods must also be integrated into the cost of goods sold budget Complete the preparation of the cost of goods sold budget for Learno, using information that follows provided by the controles and using the previous budgets you have prepared Check My Workers Check My Workers $9,870 LearnCo Cost of Goods Sold Budget For the Year Ending December 31, 2012 Finished goods Inventory, January 1, 20Y2 Work in process inventory, January 1, 20Y2 Direct materials: Direct materials inventory, January 1, 2012 $2,000 Direct materials purchases 72,888 $2,010 74,888 (1.800) Cost of direct materials available for use Direct materials inventory, December 31, 2012 Cost of direct materials placed in production 73,088 Direct labor 266,710 X 18,100 Factory overhead 343,280 x Total manufacturing costs 345,290 X (1,250) 344,040 x Total work in process during period Work in process inventory, December 31, 2012 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31, 2012 353,910 X (1.500) 352.410 x Costa de sold Food Selling/Admin. Expenses Budget The sales budget is often used as the starting point for the seeing and administrative expenses budget. For example, a budgeted increase in sales may require more advertising expenses. Learn Co has prepared its selling and administrative expenses budget as follows. This budget is merely reviewed by you for use on the budgeted Income statement Learnco Selling and Administrative Expenses Budget For the Year Ending December 31, 2012 Selling expenses Sales salaries emprese 545,000 Advertising expense 15,000 Travel expense 5.400 Total expenses $65.400 Administrative expenses Omers' nesepe 585.000 Office pense 35,000 Oficeret ergence 26.000 Office supplies in 6,400 Oude Memory Workoming Officerent expense 26,000 Office Supplies expense 6,400 Miscellaneous administrative expenses 1.600 Total administrative expenses 154.000 Total Selling and administrative expenses $219.400 Budgeted Income Statement The budgeted income statement is prepared by integrating the sales budget, cost of goods sold budget, and selling and administrative expenses budget. Additional Wormation that may be helpful in preparing the budgeted income statement are on the following budgeted Income Statement Data Table Review the Bugated Income Statement Data Table, then complete the bodpated income statement that follows the tobie. Round the computed amount for come tax to the nearest wholt dollar Budgeted Income Statement Data Table Interest revenue for the year $2,000 Interest expense for the year $1.500 Lanco's income tax rate 404 Learnco Budgeted Income statement For the Year Ending December 31, 2012 Revenue from sales 720,000 Cost of sold - 381,645 x Gross profit 338.355 X OkMy Won Cheng - 381,645 X 338,355 X 65,400 1,900 / Cost of goods sold Gross prost Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Operating income Other revenue and expense: Interest revenue -219,400 118.955 X 2,000 500 - 1,500 Interest expense Income before income tax 119,445 x -47,782 x 71,673 X Income tax Netcome Final Questions Budgeting affects the planning, recting, and controlling functions of management. LeamCowshes to determine the entity of some of its budget values to changes in the economy UBICE VOTOS Veror TCOMERZIU DELHECUSSES c. LearnCo will still have positive income before income tax if it sells zero Deluxe Abacus units in 2012. b 2. Learn Co's vendor for bead packages is expected to double its price per package of beads. If this occurs, what will be the effect on LearnCo's income before income tax? a. If the price for bead packages doubles, LearnCo will break even (.e., the company will have zero income before income tax). b. LearnCo will have a loss before income tax if the price for bead packages doubles. c. LearnCo will still have positive income before income tax if the price for bead packages doubles. 3. Learnco is aware that its labor prices for the Gluing part of the manufacturing process may increase to $15.00 per hour due to changes in minimum wage laws in its state. If this occurs, what will be the effect on Learn Co's Income before income tax? a LeamCo will still have positive income before income tax if Gluing labor costs increase to $15.00 per hour. b. It Gluing labor costs increase to $15.00 per hour, LearnCo will break even (ie, the company will have zero income before income tax). c. LearnCo will have a loss before income tax if Gluing labor costs increase to $15.00 per hour 4. LearnCo's controller believes that the company can decrease its selling expenses by 10% and its administrative expenses by 15%. How much would income before income tax increase if these expense cuts are implemented? Round your answer to the nearest dollar, 17,784 Tuninn