Greish Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants have

Question:

Greish Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants have provided the following data:


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An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expenses budget. The latter shows selling expenses of $850,000 for product LN 35 and $390,000 for product LN 40, and administrative expenses of $520,000 for product LN 35 and $180,000 for product LN 40. Income taxes are expected to be 30%. 



Instructions 


Prepare the following budgets for the year. Show data for each product. Quarterly budgets should not be prepared.


a. Sales 


b. Production  


c. Direct materials 


d. Direct labour


e. Income statement

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Related Book For  book-img-for-question

Managerial Accounting Tools For Business Decision Making

ISBN: 9781119731825

6th Canadian Edition

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

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