Problem 23A See schedule for due date. Use working papers provided. The followin

Question

Problem 23A See schedule for due date. Use working papers provided. The following annual budget data relates to Fuji. Inc. for the year ending December 31, 2015. Item FIX Item PIX Sales budget: Anticipated volume in units 410,000 230,000 Unit selling price $23.00 $29.00 Production budget: Desired ending finished goods units 27,000 20,000 Beginning finished goods units 34,000 11,000 Direct materials budget: Direct materials per unit (pounds) 3 4 Desired ending direct materials pounds 35,000 16,000 Beginning direct materials pounds 43,000 12,000 Cost per pound $4.00 $5.00 Direct labor budget: Direct labor time per unit 0.4 0.6 Direct labor rate per hour $14.00 $14.00 Budgeted income statement: Total unit cost $13.00 $23.00 A detailed selling and administrative expense budget shows selling expenses of $660,000 for product FIX and $360,000 for product PIX, and administrative expenses of $545,000 for product FIX and $344,000 for product PIX. Income taxes are expected to be 23%. Instructions Prepare the following budgets for the year. Show data for each product. . (a) Sales (b) Production (c) Direct materials (d) Direct labor (e) Income statement (Note: Income taxes are not allocated to the products.)

Explanation / Answer

a) sales

(b) Production

(c) Direct materials

(d) Direct Labour

(e) Income Statement

Item FIX Item PIX Sales Volume 410000 230000 Selling Price per unit 23 29 Sales Revenue 9430000 6670000

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