Quaiteny geleral and administrative expenses include $10,000 administrative salaries, rent expense of $6,000 per quarter, insurance expense of $5,000 per quarter, straight- line depreciation of $5,000 per quarter, and 19% monthly interest on the $200,000 long-term note payable (12% annually). f Income taxes will be assessed at 30% , and are paid in the quarter incurred. Sales Budget Production Budget Direct Mtls Budget Direct Lbr Factory OH Budget Selling Exp- Budget Admin Exp Budget Cost of Goods Sold Income Statement Budget Requirement Using information from the sales budget and the following information, calculate the budgeted cost of goods sold for Harris Inc. The product's manufacturing cost is $211 per unit, including per unit costs of $84 for materials (6 lbs. at $14 per Ib.), $96 for direct labor (4 hours x $24 direct labor rate per hour), $19 for variable overhead, and $12 for fixed overhead. Annual fixed overhead consists, incurred evenly throughout the year, consist of depreciation on production equipment, $6,400; factory utilities, $7,900, and other factory overhead of $1,588. Show less A Harris Inc. Cost of Goods Sold Budget For the year ended December 31, 2018 First Qtr. Second Qtr. Third Qtr Fourth Qtr Total 360 240 320 320 1240 Budgeted sales (units) Cost of goods sold Income Statement