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a. Direct materials purchases are paid 60% in the quarter purchased and 40% in the next quarter. b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred. Direct laby Read the requirements Budgeted Income Statement For the Quarter Ended March 31, 2017 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income before Income Taxes Income Tax Expense Net Income 0 Data Table Irter purchased Administrative co 308,000 30,000 11,000 Budgeted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense 2.700 900 1,300 71,500 12.000 4,000 1,400 Data Table ecember 31, 10 rter purc dministra budgeting in 2,700 900 1,300 71,500 Salaries expense v ariable manufacturing overead Depreciation Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative Salaries expense Rent expense Insurance expenso Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 12,000 4,000 1,400 550 6,160 261,000 42,000 35,000 0% in the quarter p selling and adminis Credit December 31, 2016 Account Debit Cash $ 35,000 Accounts Receivable 20,000 Raw Materials Inventory 9,000 Finished Goods Inventory 25,200 Equipment 150,000 Accumulated Depreciation Accounts Payable Common Stock 50,000 17,300 90,000 81,900 239,200 Retained Earnings $ 239,200 $ Totals