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Vaughn Company has accumulated the following budget data for the year $2022.$

Sales: $31,130$ units, unit selling price $$90.$

Cost of one unit of finished goods: direct materials $1$ pound at $$5$ per pound, direct labor $3$ hours at $$12$ per hour, and

manufacturing overhead $$6$ per direct labor hour.

Inventories $($raw materials only$)$: beginning, $10,150$ pounds; ending, $15,370$ pounds.

Selling and administrative expenses: $$170,000$; interest expense: $$30,000.$

Income taxes: $20\%$ of income before income taxes.

Prepare a schedule showing the computation of cost of goods sold for $2022.$

VAUGHN COMPANY

Computation of Cost of Goods Sold

Cost of one unit of finished goods:

Direct materials

Direct labor

Manufacturing overhead

Total

Prepare a budgeted multiple$-$step income statement for $2022.$

FULTZ COMPANY

Budgeted Income Statement

$

$

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