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Problem 13-2 (Part Level Submission) Marigold Inc. is preparing its annual budgets for the year ending December 31, 2017. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 403,700 $23 203,300 528 27,900 31,600 19,300 12,600 Sales budget: Anticipated volume in units Unit selling price Production budget! Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost 33,600 43,200 16,700 14,800 0.3 $12 0.6 $12 $14 22 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $662,000 for product JB S expenses of $543,000 for product 8 50 and $342,000 for product 38 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 10%. (e) Prepare the budgeted multiple-step income statement for the year. (Note: Income taxes are not allocated to the products) MARIGOLD INC Budgeted Income Statement JB 50 Sales JB 60 Total 9,285,100 $ 5,692,400 Cost of Goods Sold $14,977,500 2,371,200 Gross Profit 2,527,600 4,898,800 6,913,900 3.167.800 Operating Expenses 10,078,700 Selling Expenses Administrative Expenses Total Operating Expenses Income from Operations Interest Expense Income before Income Taxes Income Tax Expense Net Income /(Loss) LINK TO TEXT LINK TO TEXT

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