Skulas, Inc., manufactures and sells Skulas manufactures a single model, the Pipex. In late 2017, Skulas's management accountant gathered the following data to prepare budgets for January 2018:

Data Table

Materials and Labor Requirements
Direct materials
Wood	9	board feet (b.f.) per snowboard
Fiberglass	7	yards per snowboard
Direct manufacturing labor	8	hours per snowboard

Skulas's CEO expects to sell 1 comma 300 snowboards during January 2018 at an estimated retail price of $ 650 per board.Further, the CEO expects 2018 beginning inventory of 600 snowboards and would like to end January 2018 with 600 snowboards in stock.

Direct Materials Inventories
	Beginning Inventory 1/1/2018		Ending Inventory 1/31/2018
Wood	2,020	b.f.	1,520	b.f.
Fiberglass	1,020	yards	2,020	yards

Variable manufacturing overhead is $ 8 per direct manufacturinglabor-hour. There are also $ 20 comma 800 in fixed manufacturing overhead costs budgeted for January 2018. Skulas combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $ 270 per sales visit. The marketing plan calls for 36 sales visits during January 2018.Finally, there are $ 33 comma 000 in fixed nonmanufacturing costs budgeted for January 2018.

Other data include:

Data Table

	2017 Unit Price		2018 Unit Price
Wood	$30.00	per b.f.	$32.00	per b.f.
Fiberglass	$6.00	per yard	$7.00	per yard
Direct manufacturing labor	$26.00	per hour	$27.00	per hour

The inventoriable unit cost for ending finished goods inventory on December 31, 2017, is $250.00. Assume Skulas uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations.

Requirement

10.Prepare a cost of goods sold budget for January 2018 11.Prepare the budgeted income statement for Skulas, Inc., for January 2018. 12.What questions might the CEO ask the management team when reviewing the budget? Should the CEO set stretch targets? Explain briefly. 13.How does preparing the budget help Skulas's management team better manage the company?

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Requirement 10. Prepare a cost of goods sold budget for January 2018. Cost of Goods Sold Budget For January 2018 Beginning finished goods inventory, January 1 Direct materials used Direct manufacturing labor Manufacturing overhead Cost of goods manufactured Cost of goods available for sale Deduct ending finished goods inventory, January 31 Cost of goods sold Requirement 11. Prepare the budgeted income statement for Skulas, Inc., for January 2018. Budgeted Income Statement For January 2018 Revenues Cost of goods sold Gross margin Operating (nonmanufacturing) costs Operating income Requirement 12. What questions might the CEO ask the management team when reviewing the budget? Should the CEO set stretch targets? Explain briefly. First, select the questions that the CEO might ask the marketing manager. (Select all that apply.) Now, select the questions that the CEO might ask the production manager. (Select all that apply.) Should the CEO set stretch targets? Explain briefly. The CEO because: (Select all that apply.) Requirement 13. How does preparing the budget help Skulas' management team better manage the company? Preparing a budget helps Skulas, Inc.: (Select all that apply.)