Budgeted Income Statement | ||||
April | May | June | Total | |
Sales | $ 9,300.00 | $ 10,800.00 | $ 13,800.00 | $ 33,900.00 |
Cost of Goods Sold | ||||
Direct Material Cost | $ 4,340.00 | $ 5,040.00 | $ 6,440.00 | $ 15,820.00 |
Direct Labor cost | $ 1,860.00 | $ 2,160.00 | $ 2,760.00 | $ 6,780.00 |
Variable Overhead cost | $ 124.00 | $ 144.00 | $ 184.00 | $ 452.00 |
Fixed overhead cost | $ 600.00 | $ 600.00 | $ 600.00 | $ 1,800.00 |
Total Cost of Good Sold | $ 6,924.00 | $ 7,944.00 | $ 9,984.00 | $ 24,852.00 |
Budgeted Gross Margin | $ 2,376.00 | $ 2,856.00 | $ 3,816.00 | $ 9,048.00 |
Selling and administrative expenses | ||||
Variable Overhead cost | $ 155.00 | $ 180.00 | $ 230.00 | $ 565.00 |
Fixed overhead cost | $ 650.00 | $ 650.00 | $ 650.00 | $ 1,950.00 |
Total Selling and administrative expenses | $ 805.00 | $ 830.00 | $ 880.00 | $ 2,515.00 |
Budgeted Net Operating Income | $ 1,571.00 | $ 2,026.00 | $ 2,936.00 | $ 6,533.00 |
Working
Budgeted Income Statement | |||
April | May | June | |
Sales | =310*30 | =360*30 | =460*30 |
Cost of Goods Sold | |||
Direct Material Cost | =310*4*3.5 | =360*4*3.5 | =460*4*3.5 |
Direct Labor cost | =310*0.5*12 | =360*0.5*12 | =460*0.5*12 |
Variable Overhead cost | =310*0.4 | =360*0.4 | =460*0.4 |
Fixed overhead cost | 600 | 600 | 600 |
Total Cost of Good Sold | |||
Budgeted Gross Margin | |||
Selling and administrative expenses | |||
Variable Overhead cost | =310*0.5 | =360*0.5 | =460*0.5 |
Fixed overhead cost | 650 | 650 | 650 |
(The following information applies to the questions displayed below.) Iguana, Inc., manufactures bamboo picture frames that...
[The following information applies to the questions displayed below.] Iguana, Inc., manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $13 per hour. Iguana has the following inventory policies: Ending finished goods inventory should be 40 percent of next month’s sales. Ending raw materials inventory should be 30 percent of next month’s production. Expected...
[The following information applies to the questions displayed below.] Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 per hour. Iguana has the following inventory policies: • Ending finished goods inventory should be 40 percent of next month's sales. • Ending raw materials inventory should be 30 percent of next month's...
The following information applies to the questions displayed below] Iguana, Inc., manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 per hour. Iguana has the following inventory policies: Ending finished goods inventory should be 40 percent of next month's sales. Ending raw materials inventory should be 30 percent of next month's production. Expected...
(The following information applies to the questions displayed below.] Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 per hour. Iguana has the following inventory policies • Ending finished goods inventory should be 40 percent of next month's sales. • Ending direct materials inventory should be 30 percent of next month's...
[The following information applies to the questions displayed below.] Iguana, Inc., manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $13 per hour. Iguana has the following inventory policies: • Ending finished goods inventory should be 40 percent of next month's sales. • Ending raw materials inventory should be 30 percent of next month's...
[The following information applies to the questions displayed below.) Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12.00 per hour. Iguana has the following inventory policies: • Ending finished goods Inventory should be 40 percent of next month's sales. • Ending direct materials Inventory should be 30 percent of next month's...
[The following information applies to the questions displayed below.] Iguana, Inc., manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $13 per hour. Iguana has the following inventory policies: Ending finished goods inventory should be 40 percent of next month’s sales. Ending raw materials inventory should be 30 percent of next month’s production. Expected...
[The following information applies to the questions displayed below.] Iguana, Inc., manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $13 per hour. Iguana has the following inventory policies: Ending finished goods inventory should be 40 percent of next month’s sales. Ending raw materials inventory should be 30 percent of next month’s production. Expected...
Required information (The following information applies to the questions displayed below.) Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 per hour. Iguana has the following inventory policies: · Ending finished goods inventory should be 40 percent of next month's sales. • Ending direct materials inventory should be 30 percent of...
Required information [The following information applies to the questions displayed below.) Iguana, Inc., manufactures bamboo picture frames that sell for $20 each. Each frame requires 4 linear feet of bamboo, which costs $1.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $13 per hour. Iguana has the following inventory policies • Ending finished goods inventory should be 40 percent of next month's sales. • Ending direct materials inventory should be 30 percent of...