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Exercise 24-13 a-b Fultz Company has accumulated the following budget data for the year 2020....

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Accounting

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Exercise 24-13 a-b Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,410 units, unit selling price $85 2. Cost of one unit of finished goods: direct materials 1 pound at $6 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $7 per direct labor hour Inventories (raw materials only): beginning, 10,120 pounds; ending, 15,480 pounds Selling and administrative expenses: $170,000; interest expense: $30,000. Income taxes: 30% of ine me before income taxes. 5. Prepare a schedule showing the computation of cost of goods sold for 2020 FULTZ COMPANY of Cost of Goods Sold Cost of one unit of finished goods: Direct materials Direct labor Manufacturing overhead Total Cost of Goods Sold Prepare a budgeted multiple-step income statement for 2020. FULTZ COMPANY Budgeted Income Statement

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