Production Budget For the Month Ending March 31,2020 Gold Medal Athletic Co. Production Budget For the Month Ending March 31, 2020 4 All in units Batting Helmet Football Helmet 5 Expected units to be sold - Add) Desired Invetory Mar. 31,2020 1,100506,400225 7 Total 8 Less) Desired Invetory Mar. 1,2020 9 Total units to be produced 1,150751,0756,6252206,405 Gold Medal Athletic Co. Direct Materials Purcahses Budget For the Month Ending March 31, 2020 Batting Helmet Plastic Foam Lining Total Football Helmet Add) Desired units of inventory, March 31, 2020 Total 9 Less) Desired units of inventory, March 31, 2020 Total units to be purchased Unit price Total direct materials to be purcahsed Gold Medal Athletic Co. Direct Labor Cost Budget For the Month Ending March 31, 2020 Molding Department Assenbly Department Total 5 Hours required for production: - Batting helmet 7 Football helmet - Total - Hourly rate Total direct labor cost Gold Medal Athletic Co. Factory Overhead Cost Budget For the Month Ending March 31, 2020 Indirect factory wages Depreiciation of plant and equipment Power and light Insurance and property tax Total: Gold Medal Athletic Co. Cost of Goods Sold Budget For the Month Ending March 31, 2020 Finished goods inventory, March 12020 5 Work in Porcess inventory, March 12020 - Direct materials: 7 Direct materials inventory, March 1,2020 - Add) Direct material purchases - Cost of direct materials available for use 10 Less) Direct materials inventory, March 12020 Cost of direct material placed in production Direct labor Factory overhead Total manufacturing costs Work in Porcess inventory, March 312020 Cost of goods manufactured Cost of finished goods available for sale Less) Finished goods inventory, March 312020 Cost of Goods Sold Gold Medal Athletic Co. Selling and Adminsitrative Expenses Budget For the Month Ending March 31, 2020 Selling expenses: Sales salaries expense - Advertising expense 7. Telephone expense-selling - Travel expense-selling - Total selling expenses 10 Administative expenses "11. Office salaries expense 12 Depreciation expense-office equipment 13. Telephone expense-administrative 14 Office supplies expense 15 Miscellaneous administrative expense 16. Total administrative expenses 17. Total operating expenses Gold Medal Athletic Co. Budgeted Income Statement For the Month Ending March 31, 2020 Sales Cost of goods sold - Net income 10 Operating expenses: Selling expenses 12 Administrative expenses 13. Total operating expense 14. Income from operations 15 Other income: 16 Interest revenue 17 Other expenses 18. Interest expense 10. Income before income tax 20 Income tax@30\% Net income Production Budget For the Month Ending March 31,2020 Gold Medal Athletic Co. Production Budget For the Month Ending March 31, 2020 4 All in units Batting Helmet Football Helmet 5 Expected units to be sold - Add) Desired Invetory Mar. 31,2020 1,100506,400225 7 Total 8 Less) Desired Invetory Mar. 1,2020 9 Total units to be produced 1,150751,0756,6252206,405 Gold Medal Athletic Co. Direct Materials Purcahses Budget For the Month Ending March 31, 2020 Batting Helmet Plastic Foam Lining Total Football Helmet Add) Desired units of inventory, March 31, 2020 Total 9 Less) Desired units of inventory, March 31, 2020 Total units to be purchased Unit price Total direct materials to be purcahsed Gold Medal Athletic Co. Direct Labor Cost Budget For the Month Ending March 31, 2020 Molding Department Assenbly Department Total 5 Hours required for production: - Batting helmet 7 Football helmet - Total - Hourly rate Total direct labor cost Gold Medal Athletic Co. Factory Overhead Cost Budget For the Month Ending March 31, 2020 Indirect factory wages Depreiciation of plant and equipment Power and light Insurance and property tax Total: Gold Medal Athletic Co. Cost of Goods Sold Budget For the Month Ending March 31, 2020 Finished goods inventory, March 12020 5 Work in Porcess inventory, March 12020 - Direct materials: 7 Direct materials inventory, March 1,2020 - Add) Direct material purchases - Cost of direct materials available for use 10 Less) Direct materials inventory, March 12020 Cost of direct material placed in production Direct labor Factory overhead Total manufacturing costs Work in Porcess inventory, March 312020 Cost of goods manufactured Cost of finished goods available for sale Less) Finished goods inventory, March 312020 Cost of Goods Sold Gold Medal Athletic Co. Selling and Adminsitrative Expenses Budget For the Month Ending March 31, 2020 Selling expenses: Sales salaries expense - Advertising expense 7. Telephone expense-selling - Travel expense-selling - Total selling expenses 10 Administative expenses "11. Office salaries expense 12 Depreciation expense-office equipment 13. Telephone expense-administrative 14 Office supplies expense 15 Miscellaneous administrative expense 16. Total administrative expenses 17. Total operating expenses Gold Medal Athletic Co. Budgeted Income Statement For the Month Ending March 31, 2020 Sales Cost of goods sold - Net income 10 Operating expenses: Selling expenses 12 Administrative expenses 13. Total operating expense 14. Income from operations 15 Other income: 16 Interest revenue 17 Other expenses 18. Interest expense 10. Income before income tax 20 Income tax@30\% Net income