prepare ending finished goods inventory budget for the quarter. Please show how you got the solution

This project is not timed. You can go in and out of the project. don't hit submit until you are done. Budget Project Tips It would be best to first write down all the important information from the instructions individually so that you have each piece of information clearly stated. Example Inventory 20% of the next months sales 3 pounds required for each unit at $20 a pound Material inventory equals 30% of next months needs . Et Remember ending balances of one month's inventory is the beginning balance of the next month's inventory You will need to use the numbers von calculate in some of the budgets in other budgets, so remember to look back at your work from earlier in the problem, Finished Good Budget FIRST Calculate the price for 1 unit for direct materials, direct labor and overhead. SECOND add these up to get the total unit cost THIRD multiply the desired ending inventory number from the production buchpet by the unit cost, this is the number that will be in the top box on this budget (Desired ending Inventory Cost of Good Sold Budget . To calculate your direct material amount multiply the amount you came up within the finished poods budget for direct materials by the atr total from the production budget . Get the direct labor and overhead amounts from the direct labor budget and overhead budget . For beginning inventory multiply the number they give you in the instructions by the unit cost You calculated the ending inventory in the finished goods budget Dones Corporation has the following budgeted sales for the selected four month period: Month Unit Sales July 70,000 August 35,000 September 25,000 October 30,000 Sales price per unit is $180 Plans are to have an inventory of finished product equal to 20 percent of the unit sales for the next month. There were 4,000 units in beginning wentury on July 1 Three pounds of materials are required for each unit produced. Each pound of material costs $20. triventory levels for materials count 30 percent of the needs for the next month Desired ending inventory for September is 25,200 pounds of material. Beginning inventory for July was 20,700 pounds of mutu Each unit requires 0.6 hours of direct labor and the average wage rate is ste is $16 per how Variable overhead rate is $3.50 per direct labor hour. There is also find overhead of $22,000 per month The company pays ne commission on sales The Company has fixed selling and administrative expenses as follows: $6,000/month Utilities $1,200/month Advertising 3400/month Office Salanes $35,000/month Required: Tent Check Printem 6. Prepare an ending finished goods inventory budget for the quarter. (Hints You have already calculated the desired ending finished goods inventory quantity. Assume a stable per-unit rate and round the per unit fixed factory overhead rate to two decimal places.) Jones Corporation Ending Finished Goods Twentory Hudget 6000 X 5.010,000 X Desired ending inventory Direct materials Direct tabor Overhand Variable overhead 787,200 172200X Fixed overhead 66.000 x 6,060.600 X Unit cost Feed Ched Inc CUSC Feedback Check My Work Incorrect H. Prepare a cost of goods sold budget for the quarter. Jones Corporation Cost of goods sold Budget ^ Direct materials 5,010,000 X Direct labor 787,200 Overhead 238,200 Add: Beginning inventory 294,400 X Goods available for sale 6,329,000 X Less: Ending inventory 441,600 X Cost of goods sold 5,888,200 X Feedback Check My Work Partially correct 1. Prepare a budgeted income statement for the quarter-the company falls into the 35 percent tax bracket for income taxes. Jones Corporation Budgeted Income Statement Sales 14,400,000 Cost of goods sold 5,888,200 x 8,511,800 X Gross margin Less: Variable selling and adm. expenses Lesso Fixed selling and administrative expenses 432,000 294,400 X Operating income 7,785.400 x 2,783,200 x Less: Income tax expense 5,002,200 X Net income Feedback Check My Work Partially correct