using the previous budgets developed prepare a budgeted income statement by Quarter for 2021 using the following template

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MASTER BUDGET PROJECT: BUDGETED INCOME STATEMENT BY QUARTER ACCT 5362 Accounting Principles Using the previous budgets developed, prepare a Budgeted Income Statement by Quarter for 2021 using the following Husky Co. Budgeted Income Statement by Quarter For the Year Ended Dec 31, 2021 Q1 Q2 Q3 04 Sales Cost of Goods Sold Gross Profit SG&A Expenses Operating Profit Interest Expense Taxable income Income Tax Net Income MASTER BUDGET PROJECT: OVERHEAD BUDGET AND SELLING, GENERAL, AND ADMINIST ACCT 5362 | Accounting Principles Prepare the Overhead Budget and the budget for Selling, General & Administrative Expenses using the following in Overhead Budget Inputs: Variable overhead: S0.40 per DLH Fixed overhead: $270,000 per quarter FOH applied on the basis of budgeted DLH 04 OH Budget VOH FOH Total Q1 $2,310 $270,000 $272,310 Q2 $2,640 $270,000 $272,640 Q3 $3.960 $5,280 $270,000 $270,000 $273,960 $275,280 Selling General & Administrative Budget Inputs: Variable SG&A- $2.00 per unit+1% Sales Fixed SG&A $90,000 per quarter SG&A Budget VSGA FSGA Total SGA Q1 $18,200 $90,000 $108,200 Q2 $20.800 $90,000 $110,800 03 04 $31,200 $41.600 $90,000 $90,000 $121,200 $131,600 12V View Zoom ER Table ACT Insert Chan Tex! Shape Sheet1 Sales Budget Units Price Sales Q1 7,000 $60 $420,000 Q2 8,000 $60 $480,000 Q3 04 12,000 16,000 560 $60 $720,000 $960,000 Produetion Budget Inputs: Beginning inventory Q1: 7,000 Units Desired ending inventory - 20% of the following quarter's sales Production Budget Sales Ending In Re Unite Beg In Reg Production 01 7,000 1.400 8,400 0 8,400 Q2 8,000 1.600 9,600 03 12,000 2.400 14,400 1600 12,800 16,000 3,200 19,200 2400 16,800 1400 8,200 Direct Materials Inputs: Each unit requires 21 pounds costing $1.45 per pound 02 DM Budget Units to Produce DM permit Total pounds DM 1-Ending -Belov DM Required Cos per pound Total Cost of DM 01 3,400 23 19.320 1.400 0 1,400 $1.45 $2,030 8.200 23 18,860 1.600 1.400 19,320 SI 45 $28,014 03 12.800 23 29,440 2,400 1.600 18.860 S1:45 $27-347 04 16.800 23 38,640 3.200 2,400 29.440 $1.45 $42.688 Direct Labor Teput Each unit require 45 minutes at a rate of S17 per hour BO Direct Materials Inputs: Each unit requires 23 pounds costing $1.45 per pound DM Budget Units to Produce DM per unit Total pounds DM End Inv 01 8,400 23 19,320 1,400 0 1,400 $1.45 $2.030 Q2 8,200 2.3 18,860 1,600 1,400 19,320 $1.45 $28,014 03 12,800 23 29,440 2,400 1,600 18.860 $1.45 $27,347 04 16,800 23 38,640 3,200 2,400 29.440 $1.45 $42,688 -Beg In DM Required Cost per pound Total Cost of DM Direct Labor Inputs Each unit requires 45 minutes at a rate of $17 DL Budget per hour Q1 02 03 04 Units Produced DLH per unit Total DLH required Labor Cost per HP Total DL Cost 8,400 0.75 6.300 $17 $91.800 8,200 0.75 6,150 S17 $104.550 12,800 0.75 9,600 $17 $163,200 16,800 0.75 12,600 $17 $214,200 Bu VE 2 1 6 00 MASTER BUDGET PROJECT: BUDGETED INCOME STATEMENT BY QUARTER ACCT 5362 Accounting Principles Using the previous budgets developed, prepare a Budgeted Income Statement by Quarter for 2021 using the following Husky Co. Budgeted Income Statement by Quarter For the Year Ended Dec 31, 2021 Q1 Q2 Q3 04 Sales Cost of Goods Sold Gross Profit SG&A Expenses Operating Profit Interest Expense Taxable income Income Tax Net Income MASTER BUDGET PROJECT: OVERHEAD BUDGET AND SELLING, GENERAL, AND ADMINIST ACCT 5362 | Accounting Principles Prepare the Overhead Budget and the budget for Selling, General & Administrative Expenses using the following in Overhead Budget Inputs: Variable overhead: S0.40 per DLH Fixed overhead: $270,000 per quarter FOH applied on the basis of budgeted DLH 04 OH Budget VOH FOH Total Q1 $2,310 $270,000 $272,310 Q2 $2,640 $270,000 $272,640 Q3 $3.960 $5,280 $270,000 $270,000 $273,960 $275,280 Selling General & Administrative Budget Inputs: Variable SG&A- $2.00 per unit+1% Sales Fixed SG&A $90,000 per quarter SG&A Budget VSGA FSGA Total SGA Q1 $18,200 $90,000 $108,200 Q2 $20.800 $90,000 $110,800 03 04 $31,200 $41.600 $90,000 $90,000 $121,200 $131,600 12V View Zoom ER Table ACT Insert Chan Tex! Shape Sheet1 Sales Budget Units Price Sales Q1 7,000 $60 $420,000 Q2 8,000 $60 $480,000 Q3 04 12,000 16,000 560 $60 $720,000 $960,000 Produetion Budget Inputs: Beginning inventory Q1: 7,000 Units Desired ending inventory - 20% of the following quarter's sales Production Budget Sales Ending In Re Unite Beg In Reg Production 01 7,000 1.400 8,400 0 8,400 Q2 8,000 1.600 9,600 03 12,000 2.400 14,400 1600 12,800 16,000 3,200 19,200 2400 16,800 1400 8,200 Direct Materials Inputs: Each unit requires 21 pounds costing $1.45 per pound 02 DM Budget Units to Produce DM permit Total pounds DM 1-Ending -Belov DM Required Cos per pound Total Cost of DM 01 3,400 23 19.320 1.400 0 1,400 $1.45 $2,030 8.200 23 18,860 1.600 1.400 19,320 SI 45 $28,014 03 12.800 23 29,440 2,400 1.600 18.860 S1:45 $27-347 04 16.800 23 38,640 3.200 2,400 29.440 $1.45 $42.688 Direct Labor Teput Each unit require 45 minutes at a rate of S17 per hour BO Direct Materials Inputs: Each unit requires 23 pounds costing $1.45 per pound DM Budget Units to Produce DM per unit Total pounds DM End Inv 01 8,400 23 19,320 1,400 0 1,400 $1.45 $2.030 Q2 8,200 2.3 18,860 1,600 1,400 19,320 $1.45 $28,014 03 12,800 23 29,440 2,400 1,600 18.860 $1.45 $27,347 04 16,800 23 38,640 3,200 2,400 29.440 $1.45 $42,688 -Beg In DM Required Cost per pound Total Cost of DM Direct Labor Inputs Each unit requires 45 minutes at a rate of $17 DL Budget per hour Q1 02 03 04 Units Produced DLH per unit Total DLH required Labor Cost per HP Total DL Cost 8,400 0.75 6.300 $17 $91.800 8,200 0.75 6,150 S17 $104.550 12,800 0.75 9,600 $17 $163,200 16,800 0.75 12,600 $17 $214,200 Bu VE 2 1 6 00