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Question - Cullumber Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the following.
Product JB 50
Product JB 60
Sales budget:
Anticipated volume in units
336,000
168,000
Unit selling price
$20
$25
Production budget:
Desired ending finished goods units
25,200
12,600
Beginning finished goods units
21,000
8,400
Direct materials budget:
Direct materials per unit (pounds)
2
3
Desired ending direct materials pounds
Beginning direct materials pounds
33,600
Cost per pound
$3
$4
Direct labor budget:
Direct labor time per unit
0.40
0.60
Direct labor rate per hour
$12
Budgeted income statement:
Total unit cost
$13
An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $470,400 for product JB 50 and $302,400 for product JB 60, and administrative expenses of $453,600 for product JB 50 and $285,600 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%.
Required -
(a) Prepare the sales budget for the year.
(b) Prepare the production budget for the year.
(c) Prepare the direct materials budget for the year.
(d) Prepare the direct labor budget for the year.
(e) Prepare the budgeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products).
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