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As the Managerial Accountant you are expected to create budgets for future periods. Therefore, the owners require a Budgeted Income Statement for May and June 2020.
Use only the information below to assist in your calculations:
Forecasted sales- May $12,000 & June $13,600
Cost of Goods Sold- 45% of sales
·Variables expenses- Utilities 2% of sales & Telephone 1% of sales
Fixed expenses- Utilities (fixed portion) $180, Telephone (fixed portion) $200, Internet $90, & Administration $250
Question a. How will the Budgeted Income Statement for May and June 2020 look like?
Question b. What is the operating profit or loss for each of those months?
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