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1.Budgeted Income Statement and Supporting An accounting device used to plan and control resources of operational departments and divisions.Budgets

The budget director of Birds of a Feather Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for January:

a.Estimated sales for January:

Birdhouse

6,000 units at $55 per unit

Bird feeder

4,500 units at $75 per unit

b.Estimated inventories at January 1:

Direct materials:

Wood

220 ft.

Plastic

250 lb.

Finished products:

Birdhouse

300 units at $23 per unit

Bird feeder

240 units at $34 per unit

c.Desired inventories at January 31:

Direct materials:

Wood

180 ft.

Plastic

210 lb.

Finished products:

Birdhouse

340 units at $23 per unit

Bird feeder

200 units at $34 per unit

d.Direct materials used in production:

In manufacture of BirdHouse:

Wood

0.80 ft. per unit of product

Plastic

0.50 lb. per unit of product

In manufacture of Bird Feeder:

Wood

1.20 ft. per unit of product

Plastic

0.75 lb. per unit of product

e.Anticipated cost of purchases and beginning and ending inventory of direct materials:

Wood

$8.00 per ft.

Plastic

$1.20 per lb.

f.Direct labor requirements:

Birdhouse:

Fabrication Department

0.20 hr. at $15 per hr.

Assembly Department

0.30 hr. at $12 per hr.

Bird Feeder:

Fabrication Department

0.40 hr. at $15 per hr.

Assembly Department

0.35 hr. at $12 per hr.

g.Estimated factory overhead costs for January:

Indirect factory wages

$80,000

Depreciation of plant and equipment

25,000

Power and light

8,000

Insurance and property tax

2,000

h.Estimated operating expenses for January:

Sales salaries expense

$90,000

Advertising expense

20,000

Office salaries expense

18,000

Depreciation expenseoffice equipment

800

Telephone expenseselling

500

Telephone expenseadministrative

200

Travel expenseselling

5,000

Office supplies expense

250

Miscellaneous administrative expense

450

i.Estimated other income and expense for January:

Interest revenue

$300

Interest expense

224

j.Estimated tax rate: 30%

Budgeted Income Statement and Supporting Budgets The budget director of Birds of a Feather Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for January: a. Estimated sales for January: Birdhouse 6,000 units at $35 per unit Bird feeder 4,500 units at $75 per unit b. Estimated inventories at January 1: Direct materials: Wood 220 ft. Plastic 250 lb. Finished products: Birdhouse 300 units at $23 per unit Bird feeder 240 units at $34 per unit . Desired inventories at January 31: Direct materials: Wood 180 ft. Plastic 210 lb. Finished products: Birdhouse 340 units at $23 per unit Bird feeder 200 units at $34 per unit d. Direct materials used in production: In manufacture of BirdHouse: Wood 0.80 ft. per unit of product Plastic 0.50 lb. per unit of product In manufacture of Bird Feeder: Wood 1.20 ft. per unit of product Plastic 0.75 lb. per unit of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Wood $8.00 per ft. Plastic $1.20 per lb. f. Direct labor requirements: Birdhouse Fabrication Department 0.20 hr. at $15 per hr. Assembly Department 0.30 hr. at $12 per hr. Bird Feeder: Fabrication Department 0.40 hr. at $15 per hr. Assembly Department 0.35 hr. at $12 per hr. . Estimated factory overhead costs for January: Indirect factory wages $80,000g. Estimated factory overhead costs for January: Indirect factory wages $80,000 Depreciation of plant and equipment 25,000 Power and light 8,000 Insurance and property tax 2,000 h. Estimated operating expenses for January: Sales salaries expense $90,000 Advertising expense 20,000 Office salaries expense 18,000 Depreciation expense-office equipment 800 Telephone expense-selling 500 Telephone expense-administrative 200 Travel expense-selling 5,000 Office supplies expense 250 Miscellaneous administrative expense 450 i. Estimated other income and expense for January: Interest revenue $300 Interest expense 224 j. Estimated tax rate: 30% Required: 1. Prepare a sales budget for January. Birds of a Feather Inc. Sales Budget For the Month Ending January 31 Unit Sales Unit Selling Volume Price Total Sales Birdhouse 6,000 55 330,000 Bird feeder 4,500 75 337,000 Total revenue from sales $ 667,5002. Prepare a production budget for January. Birds of a Feather Inc. Production Budget For the Month Ending January 31 Units Birdhouse Bird Feeder Expected units to be sold Plus desired inventory, January 31 340 200 Total Less estimated inventory, January 1 300 240 Total units to be produced 3. Prepare a direct materials purchases budget for January. Birds of a Feather Inc. Direct Materials Purchases Budget For the Month Ending January 31 Wood Plastic Total Required units for production: Birdhouse Bird feeder Plus desired units of inventory, January 31 180 210 Total Less estimated units of inventory, January 1 200 250 Total units to be purchased Unit price 8 1.2 Total direct materials to be purchased4. Prepare a direct labor cost budget for January. Birds of a Feather Inc. Direct Labor Cost Budget For the Month Ending January 31 Fabrication Assembly Department Total Department Hours required for production: Birdhouse Bird feeder Total Hourly rate Total direct labor cost 5. Prepare a factory overhead cost budget for January. Birds of a Feather Inc. Factory Overhead Cost Budget For the Month Ending January 31 Indirect factory wages Depreciation of plant and equipment Power and light Insurance and property tax Total6. Prepare a cost of goods sold budget for January. Work in process at the beginning of January is estimated to be $29,000, and work in process at the end of January is estimated to be $35,400. Birds of a Feather Inc. Cost of Goods Sold Budget For the Month Ending January 31 Direct materials inventory, January 1 Direct materials: Cost of direct materials available for use Cost of direct materials placed in production $ Total manufacturing costs Total work in process during the period Cost of goods manufactured Cost of finished goods available for sale Cost of goods sold7. Prepare a selling and administrative expenses budget for January. Birds of a Feather Inc. Selling and Administrative Expenses Budget For the Month Ending January 31 Selling expenses: Sales salaries expense Advertising expense Telephone expense-selling Travel expense-selling Total selling expenses Administrative expenses: Office salaries expense Depreciation expense-office 1 equipment Telephone expense-administrative Office supplies expense Miscellaneous administrative expense Total administrative expenses Total operating expenses8. Prepare a budgeted income statement for January. Birds of a Feather Inc. Budgeted Income Statement For the Month Ending January 31 Selling and administrative expenses: Total selling and administrative expenses Other revenue: Other expenses