Brady Shiller manufactures a specialty precision scale. For January, the company expects to sell 1200 scales...
Brady Shiller manufactures a specialty precision scale. For January, the company expects to sell 1200 scales at an average price of $ 2380 per unit. The average manufacturing cost of each unit sold is $ 1420. Variable operating expenses for the company will be $ 1.90 per unit sold and fixed operating expenses are expected to be $ 7200 for the month. Monthly interest expense is $ 3900. The company has a tax rate of 20 % of income before taxes. Prepare Brady Shiller's budgeted income statement for January. Brady Shiller Budgeted Income Statement For the Month Ended January 31
Sales
Less: Cost of goods sold
Gross profit
Less: Operating expenses
Variable portion
Fixed portion
Operating income
Less: Interest expense
Less: Income tax expense
Net income
Homework Answers
Brady Shiller
Budgeted Income Statement
For the Month Ended January 31
| Sales (1200*2380) | 2856000 |
| Less: Cost of goods sold (1200*1420) | 1704000 |
| Gross profit | 1152000 |
| Less: Operating expense | |
| Variable portion (1200*1.9) | 2280 |
| Fixed portion | 7200 |
| Operating income | 1142520 |
| Less: Interest expense | -3900 |
| Income before tax | 1138620 |
| Income tax expense | 227724 |
| Net income | 910896 |
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Brady Shiller manufactures a specialty precision scale. For
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