Walt flach 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 Brished goods Direct materials 2 pounds at $5 per pound direct labor 1.5 hours at $10 per hour and manufacturing overhead $6 per direct labor hour. 3. Inventories traw 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 Prepare a schedule showing the computation of cost of goods sold for 2019 hi Prepare a budgeted income statement for 2019. WALT BACH COMPANY Computation of Cost of Goods So For the Year End Decber 21.201 Cost of one unit of fished goods D Manufacturing overhead i 47 5 WALT BACH COMPANY und Stateme Beth CD21.201 E R T Y D F G H J K 9 a T - O P 14 C v B N M < Alt Ctri /Y Cost of one unit of finished goods: Direct materials Direct labor Manufacturing overhead Total Sales WALT BACH COMPANY Budgeted Income Statement For the Year Ending December 31, 2019 Cost of goods sold Gross profit Selling and administrative expenses Income before income taxes income tax expense Net Income 202 31 2 A Flowch LG " L 2 4 " 4 S 5 4 LL E R T C L 6 3 A 7 10 00 Y U 359 9 ' 0 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 8080 B om/courses/16066/quizzes/91312/take For the Year Ending December 31, 2019 Cost of one unit of finished goods: Direct materials Direct labor Manufacturing overhead Totali Sales WALT BACH COMPANY Budgeted Income Statement For the Year Ending December 31, 2019 Cost of goods sold Gross proft Selling and administrative expenses Income before income taxes Income tax expense Net income 708 3 PM " 0 409 TW 17 9 910 3 4 5 T 6 A 7 8 * 9 25