Fultz Company has accumulated the following budget data for the year 2017. 1. Sa

Question

Fultz Company has accumulated the following budget data for the year 2017. 1. Sales: 31,310 units, unit selling price $85. 2. Cost o one unit o finished goods : direct materials 1 pound at $5 per pound direct labor 3 ou s at S12 per hour, and manur act 3. Inventories (raw materials only): beginning,10,100 pounds; ending, 15,400 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30% of income before income taxes. in overhead per direct abo·hour. Prepare a schedule showing the computation of cost of goods sold for 2017. FULTZ COMPANY Computation of Cost of Goods Sold Cost of one unit of finished goods: Direct materials Direct labor Manufacturing overhead Total Cost of Goods Solod LINK TO TEXI VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE Prepare a budgeted multiple-step income statement for 2017. FULTZ COMPANY Budgeted Income Statement

Explanation / Answer

Calculate cost of goods sold :

Budgeted income statement :

Cost of finished unit Direct material (5*1) 5 Direct labour (12*3) 36 Manufacturing overhead (3*7) 21 Total 62 Cost of goods sold (62*31310) 1941220

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