Please Help!! I am stuk on the right hand portion of this assignment..

Part B. Budgets During July of the current year, the management of Quivers Inc. asked the controller, Robin, to prepare August manufacturing and income statement budgets. Demand was expected to be 1,500 cases of jet wax at $100 per case for August. Inventory planning information is provided as follows: Finished Goods Inventory Estimated finished goods inventory, August 1 Desired finished goods inventory, August 31 Cases 300 175 Cost $12,000.00 $ 7,000.00 Materials Inventory Estimated materials inventory, August 1 Desired materials inventory, August 31 Cream Base (oz.) 250 1,000 Oils (oz) 290 360 Bottels (oz.) 600 240 There was negligible work in process inventory assumed for either the beginning or end of the month; thus, none was assumed. In addition, there was no change in the cost per unit or estimated units per case operating data from January. Instructions 5.Prepare the August production budget. 6.Prepare the August direct materials purchases budget. 7. Prepare the August direct labor cost budget. Round the hours required for production to the nearest hour. 8.Prepare the August factory overhead cost budget. 9.Prepare the August budgeted income statement, including selling expenses. Requirement #9: Create the budgeted income statement. Price = Total Sales Selling Expenses Units X 1,375 1,375 $ 150,000 $ 12,000 1 2 2. 3 Total Quivers Inc. Budgeted Income Statement For the Month Ended August 31 Sales Finished goods inventory, August 1 Direct materials: Direct materials inventory, August 1 $ 392 Direct materials purchases [from Question 6] $ 23,231 Cost of direct materials available for use $ 23,623 Less direct materials inventory, August 31 $ 248 Cost of direct materials placed in production $ 23,375 Direct labor [from Question 7] $ 9,900 Factory overhead [from Question 8] $ 19,735 Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, August 31 Cost of goods sold Gross profit Selling expenses Income from operations 4. Direct materials inventory, August 1 Direct materials inventory, August 31 Cream Base (oz.) 250 1,000 Oils (oz.) 290 360 Bottels (oz.) 600 240 5 7 Rate 3 $ $ $ 53,010 65,010 7,000 Cream Base (oz.) Oils (oz.) Bottels (oz. 1 $ 58,010 $ 91,990 $ 300,000 $ 61,990 2 3 4 Part B. Budgets During July of the current year, the management of Quivers Inc. asked the controller, Robin, to prepare August manufacturing and income statement budgets. Demand was expected to be 1,500 cases of jet wax at $100 per case for August. Inventory planning information is provided as follows: Finished Goods Inventory Estimated finished goods inventory, August 1 Desired finished goods inventory, August 31 Cases 300 175 Cost $12,000.00 $ 7,000.00 Materials Inventory Estimated materials inventory, August 1 Desired materials inventory, August 31 Cream Base (oz.) 250 1,000 Oils (oz) 290 360 Bottels (oz.) 600 240 There was negligible work in process inventory assumed for either the beginning or end of the month; thus, none was assumed. In addition, there was no change in the cost per unit or estimated units per case operating data from January. Instructions 5.Prepare the August production budget. 6.Prepare the August direct materials purchases budget. 7. Prepare the August direct labor cost budget. Round the hours required for production to the nearest hour. 8.Prepare the August factory overhead cost budget. 9.Prepare the August budgeted income statement, including selling expenses. Requirement #9: Create the budgeted income statement. Price = Total Sales Selling Expenses Units X 1,375 1,375 $ 150,000 $ 12,000 1 2 2. 3 Total Quivers Inc. Budgeted Income Statement For the Month Ended August 31 Sales Finished goods inventory, August 1 Direct materials: Direct materials inventory, August 1 $ 392 Direct materials purchases [from Question 6] $ 23,231 Cost of direct materials available for use $ 23,623 Less direct materials inventory, August 31 $ 248 Cost of direct materials placed in production $ 23,375 Direct labor [from Question 7] $ 9,900 Factory overhead [from Question 8] $ 19,735 Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, August 31 Cost of goods sold Gross profit Selling expenses Income from operations 4. Direct materials inventory, August 1 Direct materials inventory, August 31 Cream Base (oz.) 250 1,000 Oils (oz.) 290 360 Bottels (oz.) 600 240 5 7 Rate 3 $ $ $ 53,010 65,010 7,000 Cream Base (oz.) Oils (oz.) Bottels (oz. 1 $ 58,010 $ 91,990 $ 300,000 $ 61,990 2 3 4