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Question - Ivanhoe 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
432,000
216,000
Unit selling price
$20
$25
Production budget:
Desired ending finished goods units
32,400
16,200
Beginning finished goods units
27,000
10,800
Direct materials budget:
Direct materials per unit (pounds)
2
3
Desired ending direct materials pounds
Beginning direct materials pounds
43,200
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 $604,800 for product JB 50 and $388,800 for product JB 60, and administrative expenses of $583,200 for product JB 50 and $367,200 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%.
Required - Prepare the sales budget for the year.
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