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Please show answer and calculations with excel so I can clearly see where I keep messing this up. Thank you! Deleon Inc. is preparing its
Please show answer and calculations with excel so I can clearly see where I keep messing this up. Thank you!
Deleon Inc. is preparing its annual budgets for the year ending December 31, 2020. Accounting assistants furnish the data shown below. Rectangu Product Product JB 60 JB 50 Sales budget: Anticipated volume in units 403.200 203,300 Unit selling price $23 $28 Production budget: Desired ending finished goods units 28.000 17,000 Beginning finished goods units 33,500 12.100 Direct materials budget: Direct materials per unit (pounds) 1 2 Desired ending direct materials pounds 33,100 16,400 Beginning direct materials pounds 44,900 14,900 Cost per pound $3 $4 Direct labor budget: Direct labor time per unit 0.3 0.6 Direct labor rate per hour $11 $11 Budgeted income statement: Total unit cost $14 $22 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $665,000 for product JB 50 and $362.000 for product JB 60, and administrative expenses of $545,000 for product JB 50 and $344.000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30%. Prepare the budegeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). DELEON INC. Budgeted Income Statement Rectangu JB 50 JB 60 Total $ $ $Step by Step Solution
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