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Shown below are the totals from period budgets of Fitzwater Corporation for the current year:
Revenue budget $100,000
Materials usage from production budget 15,000
Labor cost budget 20,000
Manufacturing overhead budget 20,000
General and administrative budget 30,000
Capital expenditure budget 20,000
Work in Progress Inventories:
Beginning of Year 10,000
End of Year 5,000
Finished Goods Inventory:
Beginning of Year 15,000
End of Year 10,000
Tax Rate 40%
Prepare a forecasted Income Statement for the current year:
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