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Category > Accounting Posted 19 Dec 2017 My Price 10.00

Budgeted Income Statement

Please help me answer these two questions on Budgeted Income Statement 

Ash Creek Company is preparing its master budget for 2014. Relevant data pertaining to its sales, production, and direct materials budgets are as follows. Sales : Sales for the year are expected to total 1,000,000 units. Quarterly sales are 20%, 20%, 30%, and 30%, respectively. The sales price is expected to be $40 per unit for the Frst three quarters and $45 per unit beginning in the fourth quarter. Sales in the Frst quarter of 2015 are expected to be 20% higher than the budgeted sales for the Frst quarter of 2014. Production : Management desires to maintain the ending Fnished goods inventories at 25% of the next quarter’s budgeted sales volume. Direct materials : Each unit requires 2 pounds of raw materials at a cost of $12 per pound. Management desires to maintain raw materials inventories at 10% of the next quarter’s production requirements. Assume the production requirements for the Frst quarter of 2015 are 450,000 pounds. Ash Creek budgets 0.3 hours of direct labor per unit, labor costs at $15 per hour, and manufacturing overhead at $20 per direct labor hour. Its budgeted selling and administrative expenses for 2014 are $6,000,000. Question 1 : Calculate the budgeted total unit cost. Total unit cost= $___________________ Question 2 : Prepare the budgeted income statement for 2014. Word Bank: Operating Expenses Total Operating Expenses Sales Purchases Cost of Goods Sold Gross ProFt Income from Operators Ending Inventory Beginning Inventory Income Before Income Taxes Income Tax Expense Net Income/(Loss) Selling and Administrative Expenses
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CourseLover
(12)
Status NEW Posted 19 Dec 2017 05:12 PM My Price 10.00

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