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Take a Test - Vanessa Bert - Google Chrome Secure https://www.mathxl.com/Student/PlayerTest.aspx?testid=175158871&centerwin;=yes Managerial Accounting Spring 2018 Vanessa Bert 4 / 4/8/18 12:51 F Test: Chapter 9 & 10 Exam --Required This Question: 3 pts Time Remaining: 00:52:09 Subme te 6 of 23 (6 complete) This Test: 50 pts possibly Bell Smythe manufactures a specialty precision scale For January, the company expects to sell 600 scales at an average price of $2.390 per unit. The average manufacturing cost of each unit sold is $1.460. Variable operating expenses for the company will be $1.10 per unit sold and fixed operating expenses are expected to be $7,800 for the month. Monthly interest expense is $3,100. The company has a tax rate of 20% of income before taxes. Prepare Bell Smythe's budgeted income statement for January Bell Smythe Budgeted Income Statement For the Month Ended January 31 Sales Less Cost of goods sold Gross profit Less Operating expenses Variable portion Fixed portion 8460 Operating income Less Interest expense Less Income tax expense Not income verame n te con las arte contenue to the next question O p here to search HEWLETT-PACKARD BANG & OLUFSEN * O * Late Late Late LUOCO

Explanation / Answer

Ans. Bell Smythe Budgeted Income Statement For the Month Ended January 31 Sales 1434000 Less: Cost of goods sold -876000 Gross Profit 558000 Less: Operating Expenses: Variable portion -660 Fixed portion -7800 Operating Income 549540 Less: Interest expenses -3100 Income before tax 546440 Less: income tax exp. (546440 * 20%) -109288 Net Income 437152

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