please fill out variable income statement sheet

Wheeis \& Widgets Inc. Budgeted Sales in units \begin{tabular}{|l|l|l|l|l|l|} \hline 4th & 1st & 2nd & 3rd & 4th \\ \hline Quarter & Quarter & Quarter & Quarter & \multicolumn{1}{l|}{ Quarter } \\ \hline 2023 & 2024 & 2024 & 2024 & 2024 \\ \hline & 41,000 & 49,100 & 34,500 & 31,000 & 43,000 \\ \hline \end{tabular} Budgeted Selling Price s 530 per production unit (Finished Goods) TSECTION Budget Project Fall 2023 ALES \begin{tabular}{|c|c|c|c|c|c|} \hline & 11 & Budget Project & & & \\ \hline & & Fall 2023 & & & \\ \hline & & + & & & \\ \hline 4th & & 1st: & 2nd & & 4 th \\ \hline Quarter & & Quarter & Quarter & Quarter & Quarter \\ \hline 2023 & & 2024 & 2024 & 2024 & 2024 \\ \hline & 41,000 & 49,100 & 34,500 & 31,000 & 43,000 \\ \hline$ & 530 & per production unit & (Finished Goods) & & \\ \hline \end{tabular} \begin{tabular}{|r|r|} \hline Receivables Collection Schedule & 81.50% \\ \hline & 16.00% \\ \hline & 2.50% \\ \hline \end{tabular} Entire projected uncollectible recelvables are written off each quarter INVENTORY COSTS Direct Labor \begin{tabular}{|c|c|c|} \hline 4 & 4.5 & hours \\ \hline s & 18.00 & per direct labor hour \\ \hline \end{tabular} Raw Materials Varlable Overhead $10.50 per gigect Labor Hour Fixed Overhead \$ 3 poundsper finished goods unit \$ 85.00 per pound \begin{tabular}{|c|c|c|c|c|} \hline & \\ \hline & & $ & 85.00 & perpound \\ \hline Varlable Overhead & & $ & 10.50 & per gigect Lab \\ \hline & & & & \\ \hline \multicolumn{5}{|l|}{ Fixed Overhead } \\ \hline & Depreciation & $ & 196,640 & per quarter \\ \hline & Other Fixed Overhead & $ & 950,000 & per quarter \\ \hline \end{tabular} Fixed Overhead Application Rate CALCULATE FROM PRODUCTION BUDGET INVENTORY ACCOUNTS Finished Goods Inventory \begin{tabular}{|c|c|c|c|c|c|} \hline & 4th Quarter & 1st Quarter & 2nd Quarter & 3rd Quarter & 4th Quarter \\ \hline & 2023 & 2024 & 2024 & 2024 & 2024 \\ \hline Ending units & 0 & 15,000 & 19,000 & 20,000 & 16,000 \\ \hline \multicolumn{6}{|l|}{ Raw Materials Inventory } \\ \hline Beginning units on 1/1/2024 & 41,368 & pounds & & & \\ \hline Planned Ending units on 12/31/2024 & 26,000 & pounds & & & \\ \hline Policy & 25.00% & of next quarters' nee & ds for production is in & in ending Raw Mate & terials Inventory \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline Work In Process Inventory & \\ \hline Beginning value 1/1/2024 & 231,720 \\ \hline Planned Ending value on 12/31/2024 & 231,720 \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline Payment for Raw Materiats & \\ \hline & 85.00% quarter of purchase \\ \hline \end{tabular} OPERATNG EXPENSES \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|l|}{ Wages and Salaries Payment } \\ \hline Payment Policy & 2 & \multicolumn{2}{|c|}{ times monthly on the 15 th and 30 th } & \\ \hline & & \multicolumn{2}{|c|}{ Fully paid each month } & 4. \\ \hline Variable Selling \& Administrative Exp. & 2.50% & of selling price & & \\ \hline & & + & & \\ \hline \multicolumn{5}{|l|}{ Fixed Selling \& Administrative Exp } \\ \hline Depreciation & 55,000 & per quarter & & \\ \hline Other Selling \& Administrative Exp & 180,000 & per quarter & & \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{ TAL DXPENDITUAES } & & & & -5. \\ \hline & 1st Quarter & 2nd Quarter & 3rd Quarter & Ath Quarter \\ \hline & 2024 & 2024 & 2024 & 2024 \\ \hline Equipment Purchases & $500,000,00 & $1,000,000,00 & $2,000,000.00 & $5,450,000.00 \\ \hline \end{tabular} Wherls s Widgets inc: Varable Conting incomestaiement For the Vear Lnsed 12/31/2024 \begin{tabular}{|c|c|c|} \hline \multirow{2}{*}{\multicolumn{3}{|c|}{\begin{tabular}{l} levenue \\ Lewi Variable Conts \end{tabular}}} \\ \hline & & \\ \hline \multicolumn{3}{|l|}{ Varable Cost of Goods Sold } \\ \hline \multicolumn{3}{|c|}{ Vanable Seline \& Adroinutrative Costs } \\ \hline \multicolumn{3}{|l|}{ Has Oelut toperie } \\ \hline \multirow{2}{*}{\multicolumn{3}{|c|}{\begin{tabular}{l} Corathuion Margn \\ Iexur Fined Cocti \end{tabular}}} \\ \hline & & \\ \hline \multicolumn{3}{|c|}{-Fierd Mandacturing Cost } \\ \hline \multicolumn{3}{|c|}{ *Ficed Selline 8 Adminituabe Costs } \\ \hline \multicolumn{3}{|l|}{ Operative income } \\ \hline \multirow{2}{*}{\multicolumn{3}{|c|}{\begin{tabular}{l} Fus: imterest hevenue \\ income Before Taxes \end{tabular}}} \\ \hline & & \\ \hline \end{tabular} "Include cash and non cash fived cons HINTS Hevenue is from the Sales Aludget Variable Cost of Goods Sold is from the Cost of Goods Sold worksheet Varible Selling B. Administrative Costs is from the Selling B. Administrative Buded Calculate bad Debs Goense ving information en the Project information workshert and Revenue Fixed Manufacturing Cost is from the Overhead lludget Fixed Selling B Administrative Cost is from the Overhead loudget interest Revenue is on the Cash fudget Wheeis \& Widgets Inc. Budgeted Sales in units \begin{tabular}{|l|l|l|l|l|l|} \hline 4th & 1st & 2nd & 3rd & 4th \\ \hline Quarter & Quarter & Quarter & Quarter & \multicolumn{1}{l|}{ Quarter } \\ \hline 2023 & 2024 & 2024 & 2024 & 2024 \\ \hline & 41,000 & 49,100 & 34,500 & 31,000 & 43,000 \\ \hline \end{tabular} Budgeted Selling Price s 530 per production unit (Finished Goods) TSECTION Budget Project Fall 2023 ALES \begin{tabular}{|c|c|c|c|c|c|} \hline & 11 & Budget Project & & & \\ \hline & & Fall 2023 & & & \\ \hline & & + & & & \\ \hline 4th & & 1st: & 2nd & & 4 th \\ \hline Quarter & & Quarter & Quarter & Quarter & Quarter \\ \hline 2023 & & 2024 & 2024 & 2024 & 2024 \\ \hline & 41,000 & 49,100 & 34,500 & 31,000 & 43,000 \\ \hline$ & 530 & per production unit & (Finished Goods) & & \\ \hline \end{tabular} \begin{tabular}{|r|r|} \hline Receivables Collection Schedule & 81.50% \\ \hline & 16.00% \\ \hline & 2.50% \\ \hline \end{tabular} Entire projected uncollectible recelvables are written off each quarter INVENTORY COSTS Direct Labor \begin{tabular}{|c|c|c|} \hline 4 & 4.5 & hours \\ \hline s & 18.00 & per direct labor hour \\ \hline \end{tabular} Raw Materials Varlable Overhead $10.50 per gigect Labor Hour Fixed Overhead \$ 3 poundsper finished goods unit \$ 85.00 per pound \begin{tabular}{|c|c|c|c|c|} \hline & \\ \hline & & $ & 85.00 & perpound \\ \hline Varlable Overhead & & $ & 10.50 & per gigect Lab \\ \hline & & & & \\ \hline \multicolumn{5}{|l|}{ Fixed Overhead } \\ \hline & Depreciation & $ & 196,640 & per quarter \\ \hline & Other Fixed Overhead & $ & 950,000 & per quarter \\ \hline \end{tabular} Fixed Overhead Application Rate CALCULATE FROM PRODUCTION BUDGET INVENTORY ACCOUNTS Finished Goods Inventory \begin{tabular}{|c|c|c|c|c|c|} \hline & 4th Quarter & 1st Quarter & 2nd Quarter & 3rd Quarter & 4th Quarter \\ \hline & 2023 & 2024 & 2024 & 2024 & 2024 \\ \hline Ending units & 0 & 15,000 & 19,000 & 20,000 & 16,000 \\ \hline \multicolumn{6}{|l|}{ Raw Materials Inventory } \\ \hline Beginning units on 1/1/2024 & 41,368 & pounds & & & \\ \hline Planned Ending units on 12/31/2024 & 26,000 & pounds & & & \\ \hline Policy & 25.00% & of next quarters' nee & ds for production is in & in ending Raw Mate & terials Inventory \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline Work In Process Inventory & \\ \hline Beginning value 1/1/2024 & 231,720 \\ \hline Planned Ending value on 12/31/2024 & 231,720 \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline Payment for Raw Materiats & \\ \hline & 85.00% quarter of purchase \\ \hline \end{tabular} OPERATNG EXPENSES \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|l|}{ Wages and Salaries Payment } \\ \hline Payment Policy & 2 & \multicolumn{2}{|c|}{ times monthly on the 15 th and 30 th } & \\ \hline & & \multicolumn{2}{|c|}{ Fully paid each month } & 4. \\ \hline Variable Selling \& Administrative Exp. & 2.50% & of selling price & & \\ \hline & & + & & \\ \hline \multicolumn{5}{|l|}{ Fixed Selling \& Administrative Exp } \\ \hline Depreciation & 55,000 & per quarter & & \\ \hline Other Selling \& Administrative Exp & 180,000 & per quarter & & \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{ TAL DXPENDITUAES } & & & & -5. \\ \hline & 1st Quarter & 2nd Quarter & 3rd Quarter & Ath Quarter \\ \hline & 2024 & 2024 & 2024 & 2024 \\ \hline Equipment Purchases & $500,000,00 & $1,000,000,00 & $2,000,000.00 & $5,450,000.00 \\ \hline \end{tabular} Wherls s Widgets inc: Varable Conting incomestaiement For the Vear Lnsed 12/31/2024 \begin{tabular}{|c|c|c|} \hline \multirow{2}{*}{\multicolumn{3}{|c|}{\begin{tabular}{l} levenue \\ Lewi Variable Conts \end{tabular}}} \\ \hline & & \\ \hline \multicolumn{3}{|l|}{ Varable Cost of Goods Sold } \\ \hline \multicolumn{3}{|c|}{ Vanable Seline \& Adroinutrative Costs } \\ \hline \multicolumn{3}{|l|}{ Has Oelut toperie } \\ \hline \multirow{2}{*}{\multicolumn{3}{|c|}{\begin{tabular}{l} Corathuion Margn \\ Iexur Fined Cocti \end{tabular}}} \\ \hline & & \\ \hline \multicolumn{3}{|c|}{-Fierd Mandacturing Cost } \\ \hline \multicolumn{3}{|c|}{ *Ficed Selline 8 Adminituabe Costs } \\ \hline \multicolumn{3}{|l|}{ Operative income } \\ \hline \multirow{2}{*}{\multicolumn{3}{|c|}{\begin{tabular}{l} Fus: imterest hevenue \\ income Before Taxes \end{tabular}}} \\ \hline & & \\ \hline \end{tabular} "Include cash and non cash fived cons HINTS Hevenue is from the Sales Aludget Variable Cost of Goods Sold is from the Cost of Goods Sold worksheet Varible Selling B. Administrative Costs is from the Selling B. Administrative Buded Calculate bad Debs Goense ving information en the Project information workshert and Revenue Fixed Manufacturing Cost is from the Overhead lludget Fixed Selling B Administrative Cost is from the Overhead loudget interest Revenue is on the Cash fudget