Kalven Company has budgeted the following for the year
2020:
1. Sales: 53,200 units; unit selling price $70
2. Cost of one unit of finished goods: direct materials, 2kg at $4 per kg; direct labour, 4 hours at $11 per hour; and manufacturing overhead, $2 per direct labour hour.
3. Selling and administrative expenses: $161,000
4. Income taxes: 25% of income before income taxes.
Prepare a budgeted income statement for 2020.
Kalven Company | |
Budgeted Income Statement | |
For the year ended December 31, 2020 | |
Sales revenue (53200*70) | $ 3,724,000 |
Cost of Goods Sold [(53200*(2*4+4*11)) | $ 2,766,400 |
Gross Profits | $ 957,600 |
Selling & Administrative expenses | $ 161,000 |
Operating Income | $ 796,600 |
Net Income before income tax expense | $ 796,600 |
Income Tax Expense (796600*25%) | $ 199,150 |
Net Income | $ 597,450 |
Kalven Company has budgeted the following for the year 2020: 1. Sales: 53,200 units; unit selling...
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