Preparing a cost of Goods Sold Budget Andrews Company manufactures a line of office chairs. Each chair takes $18 of direct materials and uses 1.9 direct labor hours at $20 per direct labor hour. The variable overhead rate is $1.20 per direct labor hour, and the fixed overhead rate is $1.50 per direct labor hour. Andrews Company expects to produce 20,000 chairs next year and expects to have 650 chairs in ending inventory. There is no beginning inventory of chairs. Required: Prepare a cost of goods sold budget for Andrews Company. Round your answers to the nearest dollar. Andrews Company Cost of Goods Sold Budget For the Coming Year Direct materials Direct labor Variable overhead Fixed overhead Total manufacturing cost Less: Ending Inventory Cost of goods sold Foodback Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Units produced and sold 160,000 Cost of goods sold per unit $6.30 Selling price Variable selling and administrative expenses per Fixed selling and administrative expenses Tax rate Required: statement amounts to the Prepare a budgeted Income statement for Oliver Company for the nearest dollar Oliver Company Budgeted Income Statement For the Coming Year Sales Cost of goods sold Gross margin Less: Variable selling and administrative expenses Less: Fixed selling and administrative expenses Operating income Less: Income taxes Net income