section e...

Current Attempt in Progress Flint Inc. is preparing its annual budgets for the year ending December 31, 2017 Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 402.500 $23 202.500 $28 30.000 33,500 16.000 13.800 Sales budget: Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct leber rate per hour Budgeted income statement: Total unit cost 1 3 32.700 43.300 18.900 14,200 $4 0.3 $12 0.6 S12 S12 $21 An accountingsssistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of S661,000 for product JB 50 and $363.000 for product JB 60. and administrative expenses of $545.000 for product JB 50 and 5343.000 fr product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 305 Your answer is correct Prepare the sales budget for the year. FLINT INC. Sales Budget For the Year Ending December 31, 2017 JB 50 JB 60 Total 402500 202500 Expected unt sales $ Unit selling price $ 28 28 $ S S 5670000 14927500 9257500 Total sales e Textbook and Media Attempts: 1 of 3 used 42 Prepare the production budget for the year. FLINT INC. Production Budget For the Year Ending December 31, 2017 JB 50 JB 60 402500 2005CO Expected Unit Sales 30000 16000 Add V Desired Ending Finished Goods Units 432500 218500 Total Requtred Units V 33500 13800 Less v Beginning Finished Goods Units 399000 204700 Regulred Production Units e Textbook and Media Attempts: 2 of 3 used Your answer is correct. Prepare the direct materials budget for the year. FLINT INC Direct Materials Budget For the Year Ending December 31, 20:17 JB 50 JB 60 399000 204700 stesso be produced 1 3 399000 614100 V Pounds teeded for production 32700 18900 Desired Ending Direct Materiais 431700 633000 Macerlais Required 4330 1 14200 Beginning Direct Materials 388400 518800 Trece Materials Purchases s S esger Pound S 1165200 $ 2475200 Cost of Direct Materials Purchases a Prepare the direct labor budget for the year. (Round Direct labor time per unit answers to 1 decimal place, eg 52.0 FLINT INC. Direct Labor Budget For the Year Ending December 31, 2017 JB 50 JB 60 399000 204700 Units to be produced 0.30 0.80 Direct Labor Time per Unit Total Required Direct Labor Hours 119700 122820 S Direct Labor Cost per Hour 12 S 12 Total Direct Labor Cost $ 1436400 $ 147 38 40 e Textbook and Media Attempts: 1 of 3 used Prepare the budgeted multiple stepincome statement for the year. (Note: income taxes are not allocated to the products). FLINT INC. Budgeted Income Statement JB 50 JB 60 Total S S $ $ 5 Prepare the budgeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). FLINT INC. Budgeted Income Statement JB 50 JB 60 Total S $ S S