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Pharoah Inc. is preparing its annual budgets for the year ending December 31,2022 . Accounting...

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Accounting

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Pharoah Inc. is preparing its annual budgets for the year ending December 31,2022 . Accounting assistants furnish the following. Direct materials budget: Direct materials per unit (pounds) 5 3 Desired ending direct materials pounds 27,0009,000 Beginning direct materials pounds 36,00013,500 Cost per pound $3 $4 Direct labor budget: Direct labor time per unit Direct labor rate per hour 0.40$120.60$12 Budgeted income statement: Total unit cost $13 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $504,000 for product JB 50 and $324,000 for product JB60, and administrative expenses of $486,000 for product JB 50 and $306,000 for product JB 60 . Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%. Prepare the sales budget for the year. Prepare the production budget for the year. Prepare the direct materials budget for the year. Prepare the direct labor budget for the year. (Round Direct labor time per unit answers to 1 decimal place, es. 52.5) Prepare the budgeted multiple-step income statement for the year. (Note- income taxes are not allocated to the products)

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