Question 3 of 5 View Policies Show Attempt History Current Attempt in Progress Fultz Company has accumulated the following budget data for the year 2020. Sales: 31,450 units, unit selling price $85. Cost of one unit of finished goods: direct materials 1 pound at $6 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $6 per direct labor hour. Inventories (raw materials only): beginning, 10,330 pounds; ending. 15,230 pounds. Selling and administrative expenses: $170,000; interest expense: $30,000. Income taxes: 30% of income before income taxes. 1. 2. 3. 4. 5. 2.5/5 (a) Question 3 of 5 (a) Your answer is correct. Prepare a schedule showing the computation of cost of goods sold for 2020. Cost of one unit of finished goods: Direct materials Direct labor FULTZ COMPANY Computation of Cost of Goods Sold For the Year Ending December 31, 2020 Manufacturing overhead Total Cost of Goods Sold 39 18 1981350 i 2.5/5 E Question 3 of 5 (b) Prepare a budgeted multiple-step income statement for 2020. For the Quarter Ending December 31, 2020 For the Year Ending December 31, 2020 December 31, 2020 : 2.5/5 E I Question 4 of 5 -/5 = 1 View Policies Current Attempt in Progress Danner Company expects to have a cash balance of $47,250 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows. Collections from customers: January $89,250, February $157,500. Payments for direct materials: January $52,500, February $78,750. Direct labor: January $31.500, February $47,250. Wages are paid in the month they are incurred. Manufacturing overhead: January $22,050, February $26,250. These costs include depreciation of $1,575 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $15,750, February $21,000. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $12,600 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $26,250. The company wants to maintain a minimum monthly cash balance of $21,000. Prepare a cash budget for January and February. DANNER COMPANY Cash Budget January $ February !! Question 4 of 5 $ -/5 E 1