Pargo Company is preparing its budgeted income statement for 2020 Relevant data pertaining to its sales, production, and direct materials budgets are as follows Sales Sales for the year are expected to total 1,300,000 units Quarterly sales are 22 , 23 , 23 , and 32 , respectively The sales price is expected to be $40 per unit for the first three quarters and $47 per unit beginning in the fourth quarter Sales in the first quarter of 2021 are expected to be 13 higher than the budgeted sales for the first quarter of 2020 Production Management desires to maintain the ending finished goods inventories at 19 of the next quarters budgeted sales volume Direct materials Each unit requires 2 pounds of raw materials at a cost of $10 per pound Management desires to maintain raw materials inventories at 20 of the next quarters production requirements Assume the production requirements for first quarter of 2021 are 510,000 pounds Pargo budgets 0 4 hours of direct labor per unit, labor costs at $11 per hour, and manufacturing overhead at $17 per direct labor hour Its budgeted selling and administrative expenses for 2020 are $6,526,000 Calculate the budgeted total unit cost (Round answer to 2 decimal places, e g 12 25 ) Total unit cost $ LINK TO TEXT Prepare the budgeted multiple step income statement for 2020 (Ignore income taxes ) PARGO COMPANY Budgeted Income Statement For the Year Ending December 31, 2020December 31, 2020For the Quarter Ending December 31, 2020 Gross ProfitSalesTotal Operating ExpensesIncome from OperationsCost of Goods SoldBeginning InventoryNet Income (Loss)Selling and Administrative ExpensesEnding InventoryIncome Before Income TaxesIncome Tax ExpenseOperating ExpensesPurchases $ Gross ProfitBeginning InventoryOperating ExpensesCost of Goods SoldEnding InventoryNet Income (Loss)Income Before Income TaxesIncome from OperationsPurchasesTotal Operating ExpensesSalesIncome Tax ExpenseSelling and Administrative Expenses Ending InventoryOperating ExpensesBeginning InventorySalesTotal Operating ExpensesCost of Goods SoldGross ProfitIncome Tax ExpenseIncome Before Income TaxesPurchasesIncome from OperationsNet Income (Loss)Selling and Administrative Expenses Cost of Goods SoldGross ProfitPurchasesIncome Tax ExpenseIncome from OperationsIncome Before Income TaxesNet Income (Loss)Operating ExpensesSalesSelling and Administrative ExpensesTotal Operating ExpensesBeginning InventoryEnding Inventory Beginning InventorySalesCost of Goods SoldOperating ExpensesSelling and Administrative ExpensesIncome Before Income TaxesTotal Operating ExpensesIncome from OperationsEnding InventoryNet Income (Loss)Gross ProfitIncome Tax ExpensePurchases $

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Pargo Company is preparing its budgeted income statement for 2020. Relevant data pertaining to its sales, production, and direct materials budgets are as follows. Sales.

Pargo Company is preparing its budgeted income statement for 2020. Relevant data pertaining to its sales, production, and direct materials budgets are as follows. Sales. Sales for the year are expected to total 1,300,000 units. Quarterly sales are 22%, 23%, 23%, and 32%, respectively. The sales price is expected to be $40 per unit for the first three quarters and $47 per unit beginning in the fourth quarter. Sales in the first quarter of 2021 are expected to be 13% higher than the budgeted sales for the first quarter of 2020. Production. Management desires to maintain the ending finished goods inventories at 19% of the next quarters budgeted sales volume. Direct materials. Each unit requires 2 pounds of raw materials at a cost of $10 per pound. Management desires to maintain raw materials inventories at 20% of the next quarters production requirements. Assume the production requirements for first quarter of 2021 are 510,000 pounds. Pargo budgets 0.4 hours of direct labor per unit, labor costs at $11 per hour, and manufacturing overhead at $17 per direct labor hour. Its budgeted selling and administrative expenses for 2020 are $6,526,000.

Calculate the budgeted total unit cost. (Round answer to 2 decimal places, e.g. 12.25.)

Total unit cost

LINK TO TEXT

Prepare the budgeted multiple-step income statement for 2020. (Ignore income taxes.)

PARGO COMPANY Budgeted Income Statement For the Year Ending December 31, 2020December 31, 2020For the Quarter Ending December 31, 2020
Gross ProfitSalesTotal Operating ExpensesIncome from OperationsCost of Goods SoldBeginning InventoryNet Income / (Loss)Selling and Administrative ExpensesEnding InventoryIncome Before Income TaxesIncome Tax ExpenseOperating ExpensesPurchases		$
Gross ProfitBeginning InventoryOperating ExpensesCost of Goods SoldEnding InventoryNet Income / (Loss)Income Before Income TaxesIncome from OperationsPurchasesTotal Operating ExpensesSalesIncome Tax ExpenseSelling and Administrative Expenses
Ending InventoryOperating ExpensesBeginning InventorySalesTotal Operating ExpensesCost of Goods SoldGross ProfitIncome Tax ExpenseIncome Before Income TaxesPurchasesIncome from OperationsNet Income / (Loss)Selling and Administrative Expenses
Cost of Goods SoldGross ProfitPurchasesIncome Tax ExpenseIncome from OperationsIncome Before Income TaxesNet Income / (Loss)Operating ExpensesSalesSelling and Administrative ExpensesTotal Operating ExpensesBeginning InventoryEnding Inventory
Beginning InventorySalesCost of Goods SoldOperating ExpensesSelling and Administrative ExpensesIncome Before Income TaxesTotal Operating ExpensesIncome from OperationsEnding InventoryNet Income / (Loss)Gross ProfitIncome Tax ExpensePurchases		$