Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. deleon inc. is preparing its annual budgets for th

Deleon Inc. is preparing its annual budgets for the year ending December 31, 2020. Accounting assistants...

70.2K

Verified Solution

Question

Accounting

Deleon Inc. is preparing its annual budgets for the year endingDecember 31, 2020. Accounting assistants furnish the data shownbelow.

Product
JB 50

Product
JB 60

Sales budget:
    Anticipated volume in units402,100204,400
    Unit selling price$23$27
Production budget:
    Desired ending finished goodsunits29,90018,100
    Beginning finished goods units33,30014,600
Direct materials budget:
    Direct materials per unit (pounds)12
    Desired ending direct materialspounds31,10016,700
    Beginning direct materials pounds42,50012,000
    Cost per pound$2$4
Direct labor budget:
    Direct labor time per unit0.30.6
    Direct labor rate per hour$12$12
Budgeted income statement:
    Total unit cost$13$21


An accounting assistant has prepared the detailed manufacturingoverhead budget and the selling and administrative expense budget.The latter shows selling expenses of $664,000 for product JB 50 and$365,000 for product JB 60, and administrative expenses of $545,000for product JB 50 and $345,000 for product JB 60. Interest expenseis $150,000 (not allocated to products). Income taxes are expectedto be 30%

Complete a Budgeted Income Statement

Answer & Explanation Solved by verified expert
4.2 Ratings (755 Votes)
BUDGETED INCOMESTATEMENTsales9248300551880014767100closing    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Algebra
1.2K views

Which of the following expressions represents the length of the drawn altitude? Select all that...

Biology
1.2K views

Give a definition of a PREADAPTATION in the context of vertebrate evolution and explain examples in...

Biology
1.2K views

Choose the sentence that is punctuated correctly.On, July 12 1964, Judge Hester took her seat...

Basic Math
1.2K views

Liam DeWitt ACCOUNT INFORMATION Account Number TRANSACTIONS 22 Aug 23 Aug 25 Aug 1 Sept...

Basic Math
1.2K views

1 pointThevertices of a triangle are at (0, 0), (4,4), and (6,2). What is the...

Basic Math
1.2K views

Officials begin to release water from a full man-made lake at a rate that would...

Accounting
1.2K views

Book: Business Marketing: Connect Strategy, Relationships, and Learning second edition. Chapter 5: Market Opportunities. Case...

Accounting
1.2K views

- Why is documentation important in drug manufacturing? What benefits does proper documentation have

Accounting
1.2K views

Problem 12-28 (LO 12-2) (Static) [The following information applies to the questions displayed below] Yost...

Accounting
1.2K views

The following information is taken from the accounts of Latta Company, The entries in the...

Finance
1.2K views

Bank A pays 3% interest compounded annually on deposits, while Bank B pays 2.25% compounded...

Accounting
1.2K views

Which account would be decreased with a credit? ...