Walt Bach Company has accumulated the fol pany has accumulated the following budget data for the year
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Question:
Walt Bach Company has accumulated the fol pany has accumulated the following budget data for the year 2019,
1. Sales: 40,000 units, unit selling price $50.
2. Cost of one unit of finished goods: Direct materials 2 pounds at $5 per pound, labor 1.5 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour.
3. Inventories (raw materials only): Beginning, 10,000 pounds; ending, 15,000 pounds.
4. Raw materials cost: $5 per pound.
5. Selling and administrative expenses: $200,000.
6. Income taxes: 30% of income before income taxes.
Instructions
(a) Prepare a schedule showing the computation of cost of goods sold for 2019.
(b) Prepare a budgeted income statement for 2019,
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