Deleon Inc. is preparing its annual budgets for the year ending December 31, 2014. Accounting assistants furnish the data shown below.

		Product JB 50		Product JB 60
Sales budget:
Anticipated volume in units		402,600		202,200
Unit selling price		$22		$28
Production budget:
Desired ending finished goods units		28,100		20,000
Beginning finished goods units		32,500		11,100
Direct materials budget:
Direct materials per unit (pounds)		2		3
Desired ending direct materials pounds		31,200		17,000
Beginning direct materials pounds		43,900		11,400
Cost per pound		$2		$3
Direct labor budget:
Direct labor time per unit		0.3		0.6
Direct labor rate per hour		$12		$12
Budgeted income statement:
Total unit cost		$13		$21

An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $663,900 for product JB 50 and $364,400 for product JB 60, and administrative expenses of $543,300 for product JB 50 and $343,200 for product JB 60. Income taxes are expected to be 30%.

DELEON INC.
Budgeted Income Statement
For the Year Ending December 31,2014

Vocabulary options to fill in missing title: Administrative ExpensesBeginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/ (Loss)Operating ExpensesPurchasesSalesSelling ExpensesTotal Operating Expenses

JB 50 JB 60 Total

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Answer rating: 100% (QA)

Title Budgeted Income Statement for Deleon Inc Year Ending December 31 2014 Title JB 50 JB 60 Total ... View the full answer