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During the first calendar quarter of 2016 Wiliams Corporation is planning to manufacture a new product and introduce it in two regions. Market research indicates that sales will be 7.000 un in the urban region at a un price of 565 and 5.000 units in the rural region at 555 each. Because the sales manager expects the product to catch on, she has asked for production sufficient to generate a 3.000-unit ending inventory. The production manager has furnished the following estimates related to manufacturing costs and operating expenses: Variable Feed (per unit) (total) Manufacturing costs Direct materias Aib. 52.50 ) 1500 B1140/1) 7.00 Derectlabor 2 hours per unit) 1000 Marylacturing over Depreciation 522,500 Factory supplies 2.500 Sipervisory stars 16.250 Other Operating egenses Selling Sales salaries commissions 12.500 7.25 20.000 4.200 Od slaties 15,000 Supples 0.40 1,200 Other 0.25 5,000 "Varies per unit sold, not per unit produced 2. Assuming that the desired ending inventories of materials A and Bar 3.000 and 10.000 pounds, respectively, and that work in process inventories are immaterial prepare budgets for the Calendar quarter in which the new product will be introduced for each of the following operating factors Do not negative sgns with any of your answers below: 1. Total sales $ 730,000 2. Production 3. Material purchases cost My Subscru Material A Material D 0 0 Total pounds (lbs) required for production Desired ending materials inventory Total pounds to be available Beginning materials inventory Total material to be purchased lbs. Total material purchases (5) 0 0 0 0 5 Os 0 4. Direct labor costs $0 5. Manufacturing overhead costs Variable Total $ DS Fixed 05 0 0 0 Depreciation Factory Supplies Supervisory Salaries Other Total manufacturing overhead 0 O D 0 $ 0 6. Selling and administrative expenses Fixed Variable Total OS DS 9 0 D Selling expenses Advertising Sales salaries and commissions Other Total Selling expenses Administrative expenses Orice salaries 0 D 0 1 1 os 0 OS 0 0 Other Total administrative expenses Total selling and administrative spentes $ 5 0 0 0 6. Using data generated in requirement (a), prepare a budgeted income statement for the calendar quarter, Assume an overall effective income tax rate of 25% Round answers to the nearest whole number Do not use negative signs with your answers Williams Corporation Budgeted Income Statement For the Quarter Ended March 31, 2016 Sales $ Cost of Goods Sold Deginning inventory Finished Goods 5 Material Beginning Inventory Materia 1 0 Material Purchases 0 Material Available Ending Inventory Material Direct Material Direct Labor 0 Manufacturing Overhead 0 Total Manufacturing Cost Cost of Goods Available for Sale Inding Inventory Finished Goods Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Administrative Express Total Operating Expenses Income before Income Taxes 0 Income Tax Experte Net Income 0 0 0 0 0 0 0 a During the first calendar quarter of 2016 Wiliams Corporation is planning to manufacture a new product and introduce it in two regions. Market research indicates that sales will be 7.000 un in the urban region at a un price of 565 and 5.000 units in the rural region at 555 each. Because the sales manager expects the product to catch on, she has asked for production sufficient to generate a 3.000-unit ending inventory. The production manager has furnished the following estimates related to manufacturing costs and operating expenses: Variable Feed (per unit) (total) Manufacturing costs Direct materias Aib. 52.50 ) 1500 B1140/1) 7.00 Derectlabor 2 hours per unit) 1000 Marylacturing over Depreciation 522,500 Factory supplies 2.500 Sipervisory stars 16.250 Other Operating egenses Selling Sales salaries commissions 12.500 7.25 20.000 4.200 Od slaties 15,000 Supples 0.40 1,200 Other 0.25 5,000 "Varies per unit sold, not per unit produced 2. Assuming that the desired ending inventories of materials A and Bar 3.000 and 10.000 pounds, respectively, and that work in process inventories are immaterial prepare budgets for the Calendar quarter in which the new product will be introduced for each of the following operating factors Do not negative sgns with any of your answers below: 1. Total sales $ 730,000 2. Production 3. Material purchases cost My Subscru Material A Material D 0 0 Total pounds (lbs) required for production Desired ending materials inventory Total pounds to be available Beginning materials inventory Total material to be purchased lbs. Total material purchases (5) 0 0 0 0 5 Os 0 4. Direct labor costs $0 5. Manufacturing overhead costs Variable Total $ DS Fixed 05 0 0 0 Depreciation Factory Supplies Supervisory Salaries Other Total manufacturing overhead 0 O D 0 $ 0 6. Selling and administrative expenses Fixed Variable Total OS DS 9 0 D Selling expenses Advertising Sales salaries and commissions Other Total Selling expenses Administrative expenses Orice salaries 0 D 0 1 1 os 0 OS 0 0 Other Total administrative expenses Total selling and administrative spentes $ 5 0 0 0 6. Using data generated in requirement (a), prepare a budgeted income statement for the calendar quarter, Assume an overall effective income tax rate of 25% Round answers to the nearest whole number Do not use negative signs with your answers Williams Corporation Budgeted Income Statement For the Quarter Ended March 31, 2016 Sales $ Cost of Goods Sold Deginning inventory Finished Goods 5 Material Beginning Inventory Materia 1 0 Material Purchases 0 Material Available Ending Inventory Material Direct Material Direct Labor 0 Manufacturing Overhead 0 Total Manufacturing Cost Cost of Goods Available for Sale Inding Inventory Finished Goods Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Administrative Express Total Operating Expenses Income before Income Taxes 0 Income Tax Experte Net Income 0 0 0 0 0 0 0 a