Quinn Ltd. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants provide the following data: 

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

Transcribed Image Text:

Sales budget Anticipated volume in units Unit selling price Production budget Desired ending finished goods units Beginning finished goods units Product JB 50 300,000 $20 30,000 20,000 Product JB 60 180,000 $30 25,000 15,000