please do budget income statement. here is additional info

23 29 680 Management expects to end 2020 with some direct materials. They want to make sure that at the end of 2021, they have enough direct materials on hand to start production right away in 2022. Per Unit Expected Ending 2021 Cost Ending Balance 2020 Balance 2021 30 Electrical sets direct materials: 1 set $ 100.00 50 150 31 Wheels direct materials - set of 4 1 set $ 40.00 25 150 32 Metal parts direct materials: 200 pounds $ 0.50 1,000 5,000 33 Canvas fabric direct materials: 3 yards $ 10.00 20 200 14 35 Surrey Bikes, Inc. 30 Direct Materials Budget 57 For the Year Ended December 31, 2021 10 Required production units odtional info 680 40 Electrical sets per unit produced: ventable 1 41 Total needed for production additional inte Add: Desired ending direct materials (ending balance 2021) ventable 150 4) Total materials required 680-150 830 44 Loss: Beginning direct materials (ending balance 2020) vente 50 45 Direct materials purchases 110-90- 780 Cost per set 76,245/70 $ 97.75 Total cost of electrical sets direct materials purchases 78097.75 $ 76,245 4 * Required production units Additional info 680 sa Wheelsets per unit produced: material sets per unit produced: 51 Total wheel sets needed for production Additional info 680 Add: Desired ending direct materials (ending balance 2024) Glven intable 150 Total materials required 680150 830 su Less: Beginning direct materials (ending balance 2020) Given Instable 25 55 Direct materials purchases in sets 330 25 805 56. Cost per set {% 501 Who Given $ 37.50 Total cost of wheel sets direct materials purchases BOS3750- 30,188 5 Required production units Additional Info 680 Metal parts direct materials pounds per unit produced: 197 61 Total pounds needed for production 133,960 Addecirerandinn Hrart materials in de landinn halanre 2024 Given intable 1 $ 680 197 En 58 Additional info 680 197 Given 133,960 5,000 Glven 128,960-1.000 Additional info 127,960*0.52 680 197 133,960 5,000 128,960 1,000 127,960 0.52 66,539 $ $ 59 Required production units to Metal parts direct materials pounds per unit produced: 61 Total pounds needed for production 62 Add: Desired ending direct materials in pounds (ending balance 2021) Total materials required 64 Less: Beginning direct materials in pounds (ending balance 2020) s Direct materials purchases 66 Cost per pound Total cost of metal parts direct materials purchases 65 Required production units Yo Canvas direct material yards per unit produced: 11 Total yards needed for production 22 Add: Desired ending direct materials in yards (ending balance 2021) Total materials required 14 Less: Beginning direct materials in pounds (ending balance 2020) 75 Direct materials purchases 76 Cost per yard Total cost of canvas direct materials purchases 2 Total cost of ALL direct materials purchases Additional info Glen in Table 680*12 Given in Table 3,020-200 Given in Table 1,270 30 Additional info 1,200*4.95 680 3 1,020 200 1,220 20 1,200 4.95 5,940 $ $ 70 76,245.10.188466,5395.040 $ 178,912 10 31 12 Management expects that it will take 50 hours of direct labor to manufacture each bike Direct laboris billed at $20/hour Surrey Bikes, Inc. es Direct Labor Budget 56 For the Year Ended December 31, 2021 17 88 Units to be produced 680 89 Direct labor time (hours) per unit 50 90 Total required direct labor hours 34,000 31 Direct labor cost per hour $ 21 92 Total direct labor cost $ 722,500 93 Management had to borrow some money from the bank to start the business five years ago. As a result, they still have some interest expense. It 126 is $10,000 per year. Management anticipates a 20% tax rate for 2021. 127 120 Surrey Bikes, Inc. 129 Budget Income Statement 130 For the Year Ended December 31, 2021 11 132 Sales 130 "Cost of goods sold 134 Gross profit 135 Selling and administrative expenses 136 Income from operations 137 Interest expense 1. Income before income taxes 119 Income tax expense rhead for the company only exists of machine usage. It will take 100 machine hours per bike and the cost is $8/hour. Surrey Bikes, Inc. Manufacturing Overhead Budget For the Year Ended December 31, 2021 ts to be produced Given Table chine hours per unit Given Table tal required machine hours 680x100 chine cost per hour Given Table tal manufacturing overhead 68,000x8 anagement also anticipates the following fixed costs, some anticipated changes from last year: uilding and Equipment Depreciation ompany Insurance Company Advertising elling and Administrative Salaries and Benefits 680 100 68,000 8 544,000 $ $ $45,000 $23,000 $117,000 $300,000 Surrey Bikes, Inc. Selling and Administrative Expense Budget For the Year Ended December 31, 2021 Fixed expenses Building and Equipment Depreciation Company Insurance Company Advertising Selling and administrative salaries and benefits Total selling and administrative expenses Given Give Given Given 45,000,000.117,000+300,000 $ $ S $ $ 45,000 23,000 117,000 300,000 485,000 Additional Actual Costs ViVartanice Formula CH22 Budget 23 29 680 Management expects to end 2020 with some direct materials. They want to make sure that at the end of 2021, they have enough direct materials on hand to start production right away in 2022. Per Unit Expected Ending 2021 Cost Ending Balance 2020 Balance 2021 30 Electrical sets direct materials: 1 set $ 100.00 50 150 31 Wheels direct materials - set of 4 1 set $ 40.00 25 150 32 Metal parts direct materials: 200 pounds $ 0.50 1,000 5,000 33 Canvas fabric direct materials: 3 yards $ 10.00 20 200 14 35 Surrey Bikes, Inc. 30 Direct Materials Budget 57 For the Year Ended December 31, 2021 10 Required production units odtional info 680 40 Electrical sets per unit produced: ventable 1 41 Total needed for production additional inte Add: Desired ending direct materials (ending balance 2021) ventable 150 4) Total materials required 680-150 830 44 Loss: Beginning direct materials (ending balance 2020) vente 50 45 Direct materials purchases 110-90- 780 Cost per set 76,245/70 $ 97.75 Total cost of electrical sets direct materials purchases 78097.75 $ 76,245 4 * Required production units Additional info 680 sa Wheelsets per unit produced: material sets per unit produced: 51 Total wheel sets needed for production Additional info 680 Add: Desired ending direct materials (ending balance 2024) Glven intable 150 Total materials required 680150 830 su Less: Beginning direct materials (ending balance 2020) Given Instable 25 55 Direct materials purchases in sets 330 25 805 56. Cost per set {% 501 Who Given $ 37.50 Total cost of wheel sets direct materials purchases BOS3750- 30,188 5 Required production units Additional Info 680 Metal parts direct materials pounds per unit produced: 197 61 Total pounds needed for production 133,960 Addecirerandinn Hrart materials in de landinn halanre 2024 Given intable 1 $ 680 197 En 58 Additional info 680 197 Given 133,960 5,000 Glven 128,960-1.000 Additional info 127,960*0.52 680 197 133,960 5,000 128,960 1,000 127,960 0.52 66,539 $ $ 59 Required production units to Metal parts direct materials pounds per unit produced: 61 Total pounds needed for production 62 Add: Desired ending direct materials in pounds (ending balance 2021) Total materials required 64 Less: Beginning direct materials in pounds (ending balance 2020) s Direct materials purchases 66 Cost per pound Total cost of metal parts direct materials purchases 65 Required production units Yo Canvas direct material yards per unit produced: 11 Total yards needed for production 22 Add: Desired ending direct materials in yards (ending balance 2021) Total materials required 14 Less: Beginning direct materials in pounds (ending balance 2020) 75 Direct materials purchases 76 Cost per yard Total cost of canvas direct materials purchases 2 Total cost of ALL direct materials purchases Additional info Glen in Table 680*12 Given in Table 3,020-200 Given in Table 1,270 30 Additional info 1,200*4.95 680 3 1,020 200 1,220 20 1,200 4.95 5,940 $ $ 70 76,245.10.188466,5395.040 $ 178,912 10 31 12 Management expects that it will take 50 hours of direct labor to manufacture each bike Direct laboris billed at $20/hour Surrey Bikes, Inc. es Direct Labor Budget 56 For the Year Ended December 31, 2021 17 88 Units to be produced 680 89 Direct labor time (hours) per unit 50 90 Total required direct labor hours 34,000 31 Direct labor cost per hour $ 21 92 Total direct labor cost $ 722,500 93 Management had to borrow some money from the bank to start the business five years ago. As a result, they still have some interest expense. It 126 is $10,000 per year. Management anticipates a 20% tax rate for 2021. 127 120 Surrey Bikes, Inc. 129 Budget Income Statement 130 For the Year Ended December 31, 2021 11 132 Sales 130 "Cost of goods sold 134 Gross profit 135 Selling and administrative expenses 136 Income from operations 137 Interest expense 1. Income before income taxes 119 Income tax expense rhead for the company only exists of machine usage. It will take 100 machine hours per bike and the cost is $8/hour. Surrey Bikes, Inc. Manufacturing Overhead Budget For the Year Ended December 31, 2021 ts to be produced Given Table chine hours per unit Given Table tal required machine hours 680x100 chine cost per hour Given Table tal manufacturing overhead 68,000x8 anagement also anticipates the following fixed costs, some anticipated changes from last year: uilding and Equipment Depreciation ompany Insurance Company Advertising elling and Administrative Salaries and Benefits 680 100 68,000 8 544,000 $ $ $45,000 $23,000 $117,000 $300,000 Surrey Bikes, Inc. Selling and Administrative Expense Budget For the Year Ended December 31, 2021 Fixed expenses Building and Equipment Depreciation Company Insurance Company Advertising Selling and administrative salaries and benefits Total selling and administrative expenses Given Give Given Given 45,000,000.117,000+300,000 $ $ S $ $ 45,000 23,000 117,000 300,000 485,000 Additional Actual Costs ViVartanice Formula CH22 Budget