Grandma s Touch Specialty Foods produces a specialty chocolate chip cookie
Grandma’s Touch Specialty Foods produces a specialty chocolate chip cookie that is sold to hotel chains by the case for $50 per case. For the upcoming quarter, Grandma’s Touch is projecting the following sales:
The budgeted cost of manufacturing each case is $23. Operating expenses are projected to be $58,000 in January, $53,000 in February, and $61,000 in March. Grandma’s Touch is subject to a corporate tax rate of 30%.
Requirement
Prepare a budgeted income statement for the first quarter, with a column for each month and for the quarter.
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