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: 31,100 units, unit selling price $85. | |
| 2. | Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour. | |
| 3. | Inventories (raw materials only): beginning, 10,100 pounds; ending, 15,100 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.
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