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  3. fultz company has accumulated the following budget

Fultz Company has accumulated the following budget data for the year 2020. ...

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Accounting

Fultz Company has accumulated the following budget data for the year 2020.

1. Sales: 31,270 units, unit selling price $ 88.
2. Cost of one unit of finished goods: direct materials 1 pound at $ 5 per pound, direct labor 3 hours at $ 13 per hour, and manufacturing overhead $6 per direct labor hour.
3. Inventories (raw materials only): beginning, 10,110 pounds; ending, 15,430 pounds.
4. Selling and administrative expenses: $ 170,000; interest expense: $ 30,000.
5.

Income taxes: 30% of income before income taxes.

Prepare a budgeted multiple-step income statement for 2020.

FULTZ COMPANY Budgeted Income Statement For the Year Ending December 31, 2020

sales

cost of goods sold

gross profit

selling and administrative expenses

income from operations

interest expense

income before income taxes

income tax expense

net income

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