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Cost of Goods Sold Budget Shaded cells have feedback. The cost of goods sold budget integrates the direct materials purchases budget, direct labor cost budget, and factory overhead cost budget. Estimated and desired inventories for direct materials, work in process, and finished goods must also be integrated into the cost of goods sold budget. Complete the preparation of the cost of goods sold budget for LearnCo, using information that follows provided by the controller, and using the previous budgets you have prepared. LearnCo Cost of Goods Sold Budget For the Year Ending December 31, 20Y2 Finished goods inventory, January 1, 20Y2 $9,870 Work in process inventory, January 1, 2012 $2,010 Direct materials: Direct materials inventory, January 1, 20Y2 $2,400 Direct materials purchases 87,465 Cost of direct materials available for use 89,865 Direct materials inventory, December 31, 2012 (2,160) Cost of direct materials placed in production 87,705 Direct labor 266,710 X Factory overhead 18,100 Total manufacturing costs 554,405 X Total work in process during period 556,415 X Work in process inventory, December 31, 20Y2 (1,250) Cost of goods manufactured 55,165 X Cost of finished goods available for sale 565,035 X Finished goods inventory, December 31, 20Y2 (1,500) Cost of goods sold 563,535 X Budgeted Income Statement Shaded cells have feedback. X The budgeted income statement is prepared by integrating the sales budget, cost of goods sold budget, and selling and administrative expenses budget. Additional information that may be helpful in preparing the budgeted income statement are in the following Budgeted Income Statement Data Table. Review the Budgeted Income Statement Data Table, then complete the budgeted income statement that follows the table. Round the computed amount for income tax to the nearest whole dollar. Enter all amounts as positive numbers. Budgeted Income Statement Data Table Interest revenue for the year $2,000 $1,500 Interest expense for the year Learn Co's income tax rate 40% Score: 40/52 Learn Co Budgeted Income Statement For the Year Ending December 31, 20Y2 Revenue from sales $720,000.00 Cost of goods sold 3 Gross profit 381,598.00 $338,402.00 Selling and administrative expenses: Selling expenses $65.400.00 154,000.00 Administrative expenses Total selling and administrative expenses 219,400.00 Income from operations $119,002.00 Other revenue and expense: Interest revenue $2,000.00 Interest expense 1,500.00 500.00 Income before income tax $119,502.00 15 Income tax 47,800.80 14 Net income $71,701.20 Cost of Goods Sold Budget Shaded cells have feedback. The cost of goods sold budget integrates the direct materials purchases budget, direct labor cost budget, and factory overhead cost budget. Estimated and desired inventories for direct materials, work in process, and finished goods must also be integrated into the cost of goods sold budget. Complete the preparation of the cost of goods sold budget for LearnCo, using information that follows provided by the controller, and using the previous budgets you have prepared. LearnCo Cost of Goods Sold Budget For the Year Ending December 31, 20Y2 Finished goods inventory, January 1, 20Y2 $9,870 Work in process inventory, January 1, 2012 $2,010 Direct materials: Direct materials inventory, January 1, 20Y2 $2,400 Direct materials purchases 87,465 Cost of direct materials available for use 89,865 Direct materials inventory, December 31, 2012 (2,160) Cost of direct materials placed in production 87,705 Direct labor 266,710 X Factory overhead 18,100 Total manufacturing costs 554,405 X Total work in process during period 556,415 X Work in process inventory, December 31, 20Y2 (1,250) Cost of goods manufactured 55,165 X Cost of finished goods available for sale 565,035 X Finished goods inventory, December 31, 20Y2 (1,500) Cost of goods sold 563,535 X Budgeted Income Statement Shaded cells have feedback. X The budgeted income statement is prepared by integrating the sales budget, cost of goods sold budget, and selling and administrative expenses budget. Additional information that may be helpful in preparing the budgeted income statement are in the following Budgeted Income Statement Data Table. Review the Budgeted Income Statement Data Table, then complete the budgeted income statement that follows the table. Round the computed amount for income tax to the nearest whole dollar. Enter all amounts as positive numbers. Budgeted Income Statement Data Table Interest revenue for the year $2,000 $1,500 Interest expense for the year Learn Co's income tax rate 40% Score: 40/52 Learn Co Budgeted Income Statement For the Year Ending December 31, 20Y2 Revenue from sales $720,000.00 Cost of goods sold 3 Gross profit 381,598.00 $338,402.00 Selling and administrative expenses: Selling expenses $65.400.00 154,000.00 Administrative expenses Total selling and administrative expenses 219,400.00 Income from operations $119,002.00 Other revenue and expense: Interest revenue $2,000.00 Interest expense 1,500.00 500.00 Income before income tax $119,502.00 15 Income tax 47,800.80 14 Net income $71,701.20