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This is now my third time posting this, each time I've posted it I've gotten the wrong answer or a incomplete answer: The Answer Choices
This is now my third time posting this, each time I've posted it I've gotten the wrong answer or a incomplete answer:
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income tax expense, beginning inventory, administrative expenses, total operating expenses, income from operations, ending inventory, sales, gross profit, net income, income before income taxes, interest expenses, operating expenses, purchases, selling expenses, cost of goods sold.
Deleon Inc. is preparing its annual budgets for the year ending December 31, 2020. Accounting assistants furnish the data shown below. Product Product JB 50 JB 60 Sales budget: Anticipated volume in units 403,200 205,000 Unit selling price $ 22 $27 Production budget: Desired ending finished goods units 26,300 16,000 Beginning finished goods units 31,200 13,300 Direct materials budget Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound 33,300 17,900 43,500 13,100 $2 Direct labor budget 0.4 Direct labor time per unit Direct labor rate per hour Budgeted income statement 0.6 $12 $12 Total unit cost $12 $22 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $ 662,000 for product JB 50 and $ 362,000 for product JB 60, and administrative expenses of $542,000 for product JB 50 and $345,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30%. DELEON INC. Budgeted Income Statement For the Year Ending December 31,2020\ JB 50 JB 60 Total Sales 8870400$ 5535000$ 14405400 Cost of Goods Sold 4838400 4510000 9348400 Gross Profit 4032000 1025000 5057000 Operating Expenses Administrative Expenses 542000 345000 887000 Selling Expenses 662000 362000 1024000 Total Operating Expenses 1204000 707000 1911000 Income before Income Taxes 2828000 318000 3146000 Income from Operations 528300 Income before Income Taxes 1761000 Income Tax Expense 528300 Net Income/(Loss)Step by Step Solution
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