Zordich Inc. has gathered the following budgeting information for next year and has asked you to prepare quarterly genteral and administrative expenses include $8a,000 administrative salaries, rent expense of sso,ooo per quarter, their master budget Requirement Prepare the Administrative Expenseud@et for Zordich Inc. insurance expense of $40,000 per quarter, straight-line depreciation of $40,000 per quarter, and 1% monthly interest on the $400,000 long-term note payable (3% quarterly). aSales for the final quarter of the prior year total 2,900 units. Expected sales (in units) for the current year are: 2,610(Quarter 1), 1,740 (Quarter 2), 2,320 (Quarter 3), and 2,320 (Quarter 4 Sales for the first quarter of the following year total 3,480 units. The selling price is $620 unit in the first three quarters of the year, and $650 per unit in the final quarter. General and Administrative Budget For the year ended December 31, 2018 Fourth Qt b. : Company policy calls for a given quarter's ending finished goods inventory to equal 50% ofthe riext quaiter's expectd unit sals. The firishd goods inventor at the end of th prior year is 1,305 units, which complies with the policy. The product's manufacturing cost is $199 per unit, including per unit costs of $120 for materials (8 lbs. at $15 per lb.), $54 for direct labor (3 hours xealbudgted $18 direct labor rate per hour, $21 for variable overhead, and $4 for fixed overhead. Annual fixed overhead consists, incurred evenly throughout the year, consist of depreciation onReguirement Using information from the sales budoet and the tollowing information, calculate the budgeted cost ot ooeds production equipment, $15,100; factory utilities, $18,900, and other factory overhead of $3,700. for Zordich lacTIse product's "sanufacturing cost is $199 Per "Bnit, including, per uni (osts of 120 for materials (8 lbs. at oyerhead., Annual fixed overhead consists, incurred evenly throughout the year, consist of depreciation on production equipmeni, $1s,10o; facfory utilaties, 18, 900, and other factory overhead of s 3,70 c. : Company policy also calls fora given quarters ending raw materials inventory to equal 60% of next quarter's expected materials needed for production. The prior year-end inventory is 10.440 lbs of materials, which complies with the policy. The company expects to have 16,704 lbs. o materials in inventory at year-end. The company has no work in process inventory at the end of any quarter Cost of Goods Sold Budge d. Sales representatives commissions are 18% of sales andare paid in the quarter of the sales The pe od, sold sales manager's quarterly salary will be $198,000 in the first three quarters of the year, and $211,000 in the final quarter. Requirement Prepare the Budgeted Income Statement for the y ar for Zordich Inc. Interest on the $400,000 long-term note payable is 1% per month (12% annually). Income taxes will be assessed at 35%, and are paid Quarterly general and administrative expenses include $84,000 administrative salaries, rent expense of $50,000 per quarter, insurance expense of $40,000 per quarter, straight- line depreciation of $40,000 per quarter, and 1% monthly interest on the $400,000 long-te note payable (12% annually). e. Zordich Inc. Budgeted Income Statement For the year ended December 31, 2018 f. Income taxes will be assessed at 35%, and are paid in the quarter incurred. Cost of goods sold %ross profit Interest expense Zordich Inc. has gathered the following budgeting information for next year and has asked you to prepare quarterly genteral and administrative expenses include $8a,000 administrative salaries, rent expense of sso,ooo per quarter, their master budget Requirement Prepare the Administrative Expenseud@et for Zordich Inc. insurance expense of $40,000 per quarter, straight-line depreciation of $40,000 per quarter, and 1% monthly interest on the $400,000 long-term note payable (3% quarterly). aSales for the final quarter of the prior year total 2,900 units. Expected sales (in units) for the current year are: 2,610(Quarter 1), 1,740 (Quarter 2), 2,320 (Quarter 3), and 2,320 (Quarter 4 Sales for the first quarter of the following year total 3,480 units. The selling price is $620 unit in the first three quarters of the year, and $650 per unit in the final quarter. General and Administrative Budget For the year ended December 31, 2018 Fourth Qt b. : Company policy calls for a given quarter's ending finished goods inventory to equal 50% ofthe riext quaiter's expectd unit sals. The firishd goods inventor at the end of th prior year is 1,305 units, which complies with the policy. The product's manufacturing cost is $199 per unit, including per unit costs of $120 for materials (8 lbs. at $15 per lb.), $54 for direct labor (3 hours xealbudgted $18 direct labor rate per hour, $21 for variable overhead, and $4 for fixed overhead. Annual fixed overhead consists, incurred evenly throughout the year, consist of depreciation onReguirement Using information from the sales budoet and the tollowing information, calculate the budgeted cost ot ooeds production equipment, $15,100; factory utilities, $18,900, and other factory overhead of $3,700. for Zordich lacTIse product's "sanufacturing cost is $199 Per "Bnit, including, per uni (osts of 120 for materials (8 lbs. at oyerhead., Annual fixed overhead consists, incurred evenly throughout the year, consist of depreciation on production equipmeni, $1s,10o; facfory utilaties, 18, 900, and other factory overhead of s 3,70 c. : Company policy also calls fora given quarters ending raw materials inventory to equal 60% of next quarter's expected materials needed for production. The prior year-end inventory is 10.440 lbs of materials, which complies with the policy. The company expects to have 16,704 lbs. o materials in inventory at year-end. The company has no work in process inventory at the end of any quarter Cost of Goods Sold Budge d. Sales representatives commissions are 18% of sales andare paid in the quarter of the sales The pe od, sold sales manager's quarterly salary will be $198,000 in the first three quarters of the year, and $211,000 in the final quarter. Requirement Prepare the Budgeted Income Statement for the y ar for Zordich Inc. Interest on the $400,000 long-term note payable is 1% per month (12% annually). Income taxes will be assessed at 35%, and are paid Quarterly general and administrative expenses include $84,000 administrative salaries, rent expense of $50,000 per quarter, insurance expense of $40,000 per quarter, straight- line depreciation of $40,000 per quarter, and 1% monthly interest on the $400,000 long-te note payable (12% annually). e. Zordich Inc. Budgeted Income Statement For the year ended December 31, 2018 f. Income taxes will be assessed at 35%, and are paid in the quarter incurred. Cost of goods sold %ross profit Interest expense