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PLEASE HELP. ACCOUNTING HOMEWORK. LAST ATTEMPT. THANK YOU SO MUCH. Oriole Farm Supply Company manufactures and sells a pesticide called Snare. The following data are
PLEASE HELP. ACCOUNTING HOMEWORK. LAST ATTEMPT. THANK YOU SO MUCH.
Oriole Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing bud 2 quarts for 2022. 1. Sales: quarter 1,28,400 bags; quarter 2,44,000 bags. Selling price is $62 per bag. 2. Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $4 per pound and 6 pounds of Tarr at $1.50 per pound. 3. Desired inventory levels: 4. Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $16 per hour. 5. Selling and administrative expenses are expected to be 15% of sales plus $180,000 per quarter. 6. Interest expense is $100,000. 7. Income taxes are expected to be 20% of income before income taxes. Prepare the sales budget. Prepare the production budget. Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, e.g. 52.70.) Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, e.g. for 45 minutes the proportion will be 0.75. ) ORIOLE FARM SUPPLY COMPANY Direct Labor Budget Prepare the selling and administrative expense budget. Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 decimal places and (c) Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 decimal places and final answer to 0 decimal places, e.g. 1,255.) \begin{tabular}{l} \multicolumn{1}{c}{ ORIOLE FARM SUPPLY COMPANY Budgeted Income Statement } \\ Sales \\ Cost of Goods Sold \\ Purchases \\ Interest Expense \\ Income Tax Expense \\ Selling and Administrative Expenses \\ Ending Inventory \\ Net Income / (Loss) \\ Income Before Income Tax \\ Beginning Inventory \\ Income from Operations \\ Gross Profit \\ Operating Expenses \\ Total Operating Expenses \end{tabular}Step by Step Solution
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