The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for March:

1. Estimated sales for March:

   Batting helmet	1,200 units at $40 per unit
   Football helmet	6,500 units at $160 per unit

2. Estimated inventories at March 1:

   Direct materials:
   Plastic	90 lb.
   Foam lining	80 lb.
   Finished products:
   Batting helmet	40 units at $25 per unit
   Football helmet	240 units at $77 per unit

3. Desired inventories at March 31:

   Direct materials:
   Plastic	50 lb.
   Foam lining	65 lb.
   Finished products:
   Batting helmet	50 units at $25 per unit
   Football helmet	220 units at $78 per unit

4. Direct materials used in production:

   In manufacture of batting helmet:
   Plastic	1.20 lb. per unit of product
   Foam lining	0.50 lb. per unit of product
   In manufacture of football helmet:
   Plastic	3.50 lb. per unit of product
   Foam lining	1.50 lb. per unit of product

5. Anticipated cost of purchases and beginning and ending inventory of direct materials:

   Plastic	$6.00 per lb.
   Foam lining	$4.00 per lb.

6. Direct labor requirements:

   Batting helmet:
   Molding Department	0.20 hr. at $20 per hr.
   Assembly Department	0.50 hr. at $14 per hr.
   Football helmet:
   Molding Department	0.50 hr. at $20 per hr.
   Assembly Department	1.80 hrs. at $14 per hr.

7. Estimated factory overhead costs for March:

   Indirect factory wages	$86,000
   Depreciation of plant and equipment	12,000
   Power and light	4,000
   Insurance and property tax	2,300

8. Estimated operating expenses for March:

   Sales salaries expense	$184,300
   Advertising expense	87,200
   Office salaries expense	32,400
   Depreciation expenseoffice equipment	3,800
   Telephone expenseselling	5,800
   Telephone expenseadministrative	1,200
   Travel expenseselling	9,000
   Office supplies expense	1,100
   Miscellaneous administrative expense	1,000

9. Estimated other income and expense for March:

   Interest revenue	$940
   Interest expense	872

10. Estimated tax rate: 30%

Required:

6. Prepare a cost of goods sold budget for March. Work in process at the beginning of March is estimated to be $15,300, and work in process at the end of March is desired to be $14,800. Enter all amounts as positive numbers.

Gold Medal Athletic Co. Cost of Goods Sold Budget For the Month Ending March 31
			fill in the blank 52
		fill in the blank 54
Direct materials:
	fill in the blank 56
	fill in the blank 58
Cost of direct materials available for use	fill in the blank 59
	fill in the blank 61
Cost of direct materials placed in production	fill in the blank 62
	fill in the blank 64
	fill in the blank 66
Total manufacturing costs		fill in the blank 67
Total work in process during the period		fill in the blank 68
		fill in the blank 70
Cost of goods manufactured			fill in the blank 71
Cost of finished goods available for sale			fill in the blank 72
			fill in the blank 74
Cost of goods sold			$fill in the blank 75

7. Prepare a selling and administrative expenses budget for March.

Gold Medal Athletic Co. Selling and Administrative Expenses Budget For the Month Ending March 31
Selling expenses:
Sales salaries expense		fill in the blank 76
Advertising expense		fill in the blank 77
Telephone expenseselling		fill in the blank 78
Travel expenseselling		fill in the blank 79
Total selling expenses			fill in the blank 80
Administrative expenses:
Office salaries expense		fill in the blank 81
Depreciation expenseoffice equipment		fill in the blank 82
Telephone expenseadministrative		fill in the blank 83
Office supplies expense		fill in the blank 84
Miscellaneous administrative expense		fill in the blank 85
Total administrative expenses			fill in the blank 86
Total operating expenses			$fill in the blank 87

8. Prepare a budgeted income statement for March. Enter all amounts as positive numbers.

Gold Medal Athletic Co. Budgeted Income Statement For the Month Ending March 31
			fill in the blank 89
			fill in the blank 91
			fill in the blank 93
Operating expenses:
		fill in the blank 95
		fill in the blank 97
Total operating expenses			fill in the blank 98
Income from operations			fill in the blank 99
Other income:
		fill in the blank 101
Other expenses:
		fill in the blank 103	fill in the blank 104
Income before income tax			fill in the blank 105
			fill in the blank 107
Net income			$fill in the blank 108