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Problem 7-38 ak 1. PR 07-038 Budgeted Income Statement and Supporting Budgets The budget director of Gold Medal Atletic Co., with the assistance of the controller treasure, production manager and sales managers gathered the following data for use in developing the budgeted income statement for March a. Estimated sales for March Batting helmet 1.200 units at $40 per unit Footbal helmet 6,500 units at $160 per un b. Estimated Inventories at March 1: Direct materials: Plastic 90 lbs Foamling 80 lbs Finished products: Batting helmet 40 units at 125 per unit Football helmet 240 units at $77 per unit t. Desired Inventories at March 311 Direct materials: Plastic 50 lbs. Foamining 65 lbs Finished products: Batting helmet 50 units at $25 per unit Football helmet 220 units at $78 per unit . Check My Work Progress: 1/1 items Problem 7-38 1. PR.07-038 ook d. Direct materials used in production In manufacture of batting helmet Plastic 1.2 lbs, per unit of product Foam lining 0.5 lb, per unit of product In manufacture of football helmet Plastic 3.5 lbs. per unit of product Foam lining 1.5 tbs per unit of product . Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic $6 perib. Foam lining $4 per i Direct labor requirements: Batting helmet Molding Department 0.2 hr at $20 per hr Assembly Department 0.5 hr at $14 perhe Footba helmet: Molding Department 0.5 h. at 120 per hr. Assembly Department 1.8 $14 perhe 9. Estimated factory overhead costs for March: Indirect factory wages $86,000 Depreciation of plant and equipment 12.000 Power and light 4,000 22 Incurand av Check My Work Propress: 1/1 items 1. PR.07.03B BOOK VOOR Insurance and property tax 2,300 h. Estimated operating expenses for March: Sales salaries expense $184,300 Advertising expertise 87,200 omce salaries expense 32,400 Depreciation expense-office equipment 3,800 Telephone expense-seling 5.000 Telephone expense-administrative 1,200 Travel expenseling 9,000 Office supples expense 1.100 Miscellaneous administrative expense 1,000 Estimated other income and expense for March Interest revenue $940 Interest expense 822 3. Estimated tax rate: 304 Required: 1. Prepare a sales budget for March, Enter all amounts as positive numbers Gold Medal Athletic Co. Sales Budget For the Month Ending March 31 eo PR.07-038 3. Estimated tax rate: 30% Required: 1. Prepare a salet budget for March, Enter all amounts as positive numbers, Gold Medal Athletic Co. Sales Budget For the Month Ending March 31 Unit Sales Unit Selling Volume Price Batting helmet 1,200 40 Football helmet 6,500 Total revenue from sales Total Sales 48,000 160 1,040,000 1,088,000 2. Prepare a production budget for March. For those boxes in which you must enter subtracted or negative numbers smsgn. Gold Medal Athletic Co. Production Budget For the Month Ending March 31 Units Batting helmet Football helmet 1,200 6,500 Expected units to be sold Check My Work un tems Problem 7.38 bio 1. PR.07-038 Production Budget For the Month Ending March 31 Units Batting helmet Footballhelmet 1,200 6,500 SO 220 Expected units to be sold Desired inventory March 31 Total units available fatimated inventory March Tutal pred 1,250 6.720 40 240 1,210 6,400 3. Prepare a purchases budget for March for the boss in which you must entered or vers minus Gold Medal Athletic Co. Direct Materials Purchases Budget For the Month Ending March 31 Plastic Foam Lining Total 1,452 605 Units required for production Batting helmet Footbait helmet Desired units of inventory, March 31 22,680 9,720 50 65 Check My Work Problem 7-38 ebook 1. PR.07-030 605 1,452 22,680 9.720 50 55 10,390 Batting helmet Footballhelmet Desired units of inventory, March 31 Total units available Estimated units of inventory, March 1 Total units to be purchased Unit price Total direct materials to be purchased 24,182 90 X 24,092 30 10,310 144,552 41.240 18.792 4. Prepare a direct inter cont budget for March. Enter amounts positive under Gold Medal Athletic Co. Direct Labor Cost Budget For the Month Ending March 31 Melding Department Assembly Department Total 242 GOS Hours required for production: Batting helmet Football helmet Total 3,240 11,664 3.482 12,269 Check My Work Progress: 1/1 items Verwante Problem 7-38 wtook 1. PR. 07.038 Footballhelmet Total 3,240 11,664 12.269 3,482 Hourly rate 20 14 V Total direct labor cost 69,640 171,766 241.406 5. Prepare a factory overhead cost budget for March Gold Medal Athletic Co. Factory Overhead Cost Budget For the Month Ending March 31 Indirect factory wages Depreciation of plant and equipment Power and sont Insurance and property tax 86,000 12,000 4,000 2,300 104,300 Total 6. Prepare a cost of goods sold budget for March Work in process at the beginning of March is estimated to be $15.300 and work in process at the end of March is desired to be $14,800. For those boxes in which you must enter subtracted or negative numbers use a minusson Gold Medal Athletic Co. Check My Work elook 1. PR.07.038 19,480 Cost of Goods Sold Budget For the Month Ending March 31 Finished ads inventory March 1 Work in process inventory March 15,300 Direct materials: Direct materia inventory March 560 Direct material purchases 185,792 Cost of direct materials available for use 55 186,652 Direct materials inventory, March SO Cost of direct materiais placed in production 5 186,092 Direct labor 241,406 Factory overhead 104,300 Total manufacturing costs 531,798 Total work in process during period 34 547,098 14,800 x Work in process inventory March 2 Cost of goods manufactured Cost of finished goods available for sale Finished goods Inventory, March 31 Cost of goods sold 532,298 3 551,778 18,410 51 533,368 Check My Work Progress 1/1 items 1. PR.07.030 7. Prepare a selling and administrative expenses budget for Mac Gold Medal Athletic Co. Selling and Administrative Expenses Budget For the Month Ending March 31 Selling expenses Sale salaries expense 104,300 Advertising pense 37,200 Telephone case selling 5.800 Travel expenseling 900 X Total selling expenses Administrative expenses Office salaries expense 32,400 Depreciation expense office equipment 3,800 Telephone expense-administrative 1,200 Office supplies expense 1.100 Miscellaneous administrative expense 1,000 Total administrative expenses Total operating expenses 39,500 Check My Work Progress: 1/1 items CE Submit Assignment for NOW OL Problem 7.30 1. PR 07.030 ellook 8. Prepare a budgeted income statement for March Gold Metal Athletico Hudgeted Income Stament For the Month Ending March 31 Reverse from cales Cost of goods sold Gross Droit Operating expenses Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue and expense: Interest revenue Interest expense Income before income tax Income tax expense Net Income Feedback Check My Work Pronsse 111 items