Quinn Inc. is preparing its annual budgets for the year ending December 31, 2016. Accounting assistants provide

Question:

Quinn Inc. is preparing its annual budgets for the year ending December 31, 2016. Accounting assistants provide the following data:
Quinn Inc. is preparing its annual budgets for the year

An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expenses budget. The latter shows selling expenses of $560,000 for product JB 50 and $440,000 for product JB 60, and administrative expenses of $420,000 for product JB 50 and $380,000 for product JB 60. Income taxes are expected to be 30%.
Instructions
Prepare the following budgets for the year. Show data for each product. Do not prepare quarterly budgets.
(a) Sales
(b) Production
(c) Direct materials
(d) Direct labour
(e) Income statement

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Managerial Accounting Tools for Business Decision Making

ISBN: 978-1118856994

4th Canadian edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly

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