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Budgeted Income Statement and Supporting Budgets The budget director of Birding Homes & Feeders Inc., with the assistance of the controller, treasurer, production manager and sales manager, um gathered the following data for use in developing the budgeted income statement for January a. Estimated sales for January 15,000 units at Birdhouse $25 per un Bird feeder 40,000 units at $15 per unit . Estimated Inventories at January 1: Direct materials Wood 500 Ft Plastic 1,000 lbs Finished products 1,000 units at Bird house $15 per unit 2,500 units at bed feeder per unit Desired inventories at January Direct material Wood 500 R Paste 1,250 Finished products 1.500 units at Birdhouse $15 per und 3,000 units at bird feeder Der ut Budgeted Income Statement and Supporting Budgets The budget director of Birding Homes & Feeders Inc., with the assistance of the controller, treasurer income statement for January: a. Estimated sales for January: 15,000 units at Bird house $25 per unit 40,000 units at Bird feeder $15 per unit b. Estimated inventories at January 1: Direct materials: Wood 600 ft. Plastic 1,000 lbs. Finished products: Bird house 1,000 units at $15 per unit 2,500 units at $8 per unit Bird feeder c. Desired inventories at January 31: Direct materials: Wood 500 ft. Plastic 1,250 lbs Finished products: Bird house 1,500 units at $15 per unit Bird feeder 3.000 units at 58 per unit d. Direct materials used in production: In manufacture of Bird House: Wood 0.80 ft. per unit of product 0.10 lb. per unit of product Plastic In manufacture of Bird Feeder: 0.20 ft. per unit Wood of product 1.00 lb. per unit Plastic of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Wood $2.50 per ft. $0.80 per lb Plastic f. Direct labor requirements: Bird House: 0.40 hr. at $18 Fabrication Department per hr 0.20 hr at $12 Assembly Department per hr. Bird Feeder: Fabrication Department 0.25 hr. at $18 per hr $40,000 g. Estimated factory overhead costs for January: Indirect factory wages Depreciation of plant and equipment Power and light 20,000 10,000 5,000 Insurance and property tax h. Estimated operating expenses for January: Sales salaries expense Adv ing expense Office salaries expense Depreciation expense-office equipment Travel expense-selling Office supplies expense Miscellaneous administrative expense i. Estimated other revenue and expense for January: Interest revenue Interest expense j. Estimated tax rate : 25% $125,000 80,000 40,000 4,000 25,000 2,500 3,500 $4,540 3,000 2. Prepare a production budget for January. For those boxes in which you must enter subtracted or negative numbers use a minus sign Birding Homes & Feeders Inc. Production Budget For the Month Ending January 31 Units Bird House Bird Feeder Expected units to be sold Desired inventory, January 31 Total units available Estimated Inventory, January 1 Total units to be produced 3. Prepare a direct materials purchases budget for January. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Birding Homes & Feeders Inc. Direct Materials Purchases Budget For the Month Ending January 31 Wood Plastic Total Required units for production: Bird house Bird feeder Desired units of inventory, January 31 Total units available Estimated units of inventory, January 1 Total units to be purchased Unit price 5 X 5 X$ $ s Total direct materials to be purchased 4. Prepare a direct labor cost budget for January. Birding Homes & Feeders Inc. Direct Labor Cost Budget For the Month Ending January 31 Fabrication Department Assembly Department Total Hours required for production: Bird house Bird feeder Total Hourly rate $X$ SS Total direct labor cost 5. Prepare a factory overhead cost budget for January Birding Homes & Feeders Ine. Factory Overhead Cost Budget For the Month Ending January 31 Total factory overhead cost 6. Prepare a code for January. Work in process at the beginning of January is estimated to be $9,000, and work in p which you must enter subtracted or negative numbers use a minus Sign Birding Homes & Feeders Inc. Cost of Goods Sold Budget For the Month Ending January 31 SS $$ 6. Prepare a cost of goods sold budget for January. Work in process at the beginning of January is estimated to be $9,000, and work in process at the end of January is estimated to be 510,500. For those besin which you must enter subtracted or negative numbers use a minusson Birding Home Feeders Inc Cast of Goods Sold Budget For the Month Ending January 31 Direct material Cost of Grect materials available for use 35 Cost of direct manis placed in production Total manusctung costs Total work in process during period Cost of goods manufactured Cost of finished goods available for sale 7. Prepare a selling and administrative expenses budget for January, Birding Homes & Feeders Inc. Selling and Administrative Expenses Budget For the Month Ending January 31 Selling expenses: $$ Total selling expenses $$ Administrative expenses: $$ Total administrative expenses Total operating expenses $ $ 8. Prepare a budgeted income statement for January. In the other revenue and expense section, indicate expenses as negative amounts. Birding Home Feeder Ine Budgeted Income Statement For the Month Ending January 31 $$ S$ Operating expenses: Total operating expenses Operating income Other revenue and expense: 5$ Income before income tax S$ Net Income SS