Help Asap Please! Lily Inc. is preparing its...

50.1K

Verified Solution

Question

Accounting

Help Asap Please!
image
image
image
Lily Inc. is preparing its annual budgets for the year ending December 31, 2027. Accounting assistants furnish the data shown below. \begin{tabular}{|c|c|c|} \hline & \begin{tabular}{c} Product \\ JB 50 \end{tabular} & \begin{tabular}{c} Product \\ JB 60 \end{tabular} \\ \hline \multicolumn{3}{|l|}{ Sales budget: } \\ \hline Anticipated volume in units & 440,000 & 220,000 \\ \hline Unit selling price & $30 & $35 \\ \hline \multicolumn{3}{|l|}{ Production budget: } \\ \hline Desired ending finished goods units & 33,000 & 16,500 \\ \hline Beginning finished goods units & 27,500 & 11,000 \\ \hline \multicolumn{3}{|l|}{ Direct materials budget: } \\ \hline Direct materials per unit (pounds) & 2 & 3 \\ \hline Desired ending direct materials pounds & 33.000 & 11,000 \\ \hline Beginning direct materials pounds & 44.000 & 16,500 \\ \hline Cost perpound & $3 & $4 \\ \hline \end{tabular} Direct labor budget: An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $616,000 for product J850 and $396,000 for product J860, and administrative expenses of $594,000 for product 1050 and $374,000 for product J860. Interest expense is $150,000 (not allocated to products). Income taxes tre expected to be 20k Prepare the sales budget for the year

Answer & Explanation Solved by verified expert
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