Walt Bach Company has accumulated the following budget data for the year 2019. 1. Sales: 40,000...

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Walt Bach Company has accumulated the following budget data for the year 2019. 1. Sales: 40,000 units, unit selling price $55. 2. Cost of one unit of finished goods: Direct materials 2 pounds at $5 per pound, direct labor 1.5 hours at $16 per hour, and manufacturing overhead $6 per direct labor hour. 3. Inventories (raw materials only): Beginning, 10,000 pounds; ending, 15,000 pounds. 4. Selling and administrative expenses: $200,000. 5. Income taxes: 30% of income before income taxes. Instructions (a) Prepare a schedule showing the computation of cost of goods sold for 2019. (b) Prepare a budgeted income statement for 2019. WALT BACH COMPANY Computation of Cost of Goods Sold For the Year Ending December 31, 2019 Cost of one unit of finished goods: Direct materials Direct labor Manufacturing overhead Total Sales Cost of goods sold WALT BACH COMPANY Budgeted Income Statement For the Year Ending December 31, 2019 Gross profit Selling and administrative expenses Income before income taxes Income tax expense Net income Walt Bach Company has accumulated the following budget data for the year 2019. 1. Sales: 40,000 units, unit selling price $55. 2. Cost of one unit of finished goods: Direct materials 2 pounds at $5 per pound, direct labor 1.5 hours at $16 per hour, and manufacturing overhead $6 per direct labor hour. 3. Inventories (raw materials only): Beginning, 10,000 pounds; ending, 15,000 pounds. 4. Selling and administrative expenses: $200,000. 5. Income taxes: 30% of income before income taxes. Instructions (a) Prepare a schedule showing the computation of cost of goods sold for 2019. (b) Prepare a budgeted income statement for 2019. WALT BACH COMPANY Computation of Cost of Goods Sold For the Year Ending December 31, 2019 Cost of one unit of finished goods: Direct materials Direct labor Manufacturing overhead Total Sales Cost of goods sold WALT BACH COMPANY Budgeted Income Statement For the Year Ending December 31, 2019 Gross profit Selling and administrative expenses Income before income taxes Income tax expense Net income